It’s about three years since the project to build Thailand’s tallest residential building, the 91 floor Ocean 1, was announced. Since the announcement, nothing much has happened and most people, including myself, assumed that the project was dead. Indeed, I was rather rude about the development more than a year ago, and it looks like I owe Bruno Pingel and his team an apology. Because construction is about to commence!!
We know this, because someone has published a mail from Rob Astbury, the sales manager, where he said (in December 2009) “Last week we signed a contract with one of the largest construction companies in China and it is planned for construction to start in February 2010. It is anticipated the building will be compete in four years.” Excellent news indeed!
(If you want to read the complete mail, search on “Ocean 1 Pattaya potential investors discussion group” in Facebook).
Cynics will say that Ocean 1 has been announcing the commencement of construction “in 2-3 months” for the last couple of years and this is not the first time that a construction contract has been announced with nothing subsequently happening; but I am sure this time it will be different. It is also a little disconcerting that there has been no official announcement of the contract, and no sign of mobilisation at the site for a project that was meant to start last month; but I am sure the place will be awash with workers very soon and Pattaya’s proudest landmark will start to rise from the ground.
As Mr. Astbury so sensibly points out, the current bargain price of 143,000 baht a square metre will rise once construction commences ; so you only have a very few days to get your ass down to Siam Best Enterprises in Jomtien and sign on the dotted line. Sadly, this is twice the price per metre that my totally beach front condo unit can currently command, so my plans to sell up and move into Ocean 1 will have to remain but a dream. But you go ahead, you won’t regret it.
Comments 🔗
2010-03-04| Jock saysThen we should ALL apply to join the waiting list for your condo … cheaper and one BIG happy family !!
Look forward to the website … probably something along the likes of
www.gofuckyerselinpattaya.hotels.th
mmmm…. then again maybe just stumbled across an old business idea.
2010-03-05| Antz says“Chinese construction company”.. now how frightening is that? At 143,000 p/sqm you get several floors once it all collapses….
But seriously, who is stupid enough to buy in this development? (meant as a rhetorical question)…..
2010-03-05| MSB says143k ! They are out of their mind.
Every city/country that has ever built anything with the words “tallest building” after it, has gone tits up as soon as it is build. But usually there is a boom in the run up so maybe pattaya is the place to be the next 3 to 4 years….
2010-03-05| Spike saysAntz, Places like Shanghai are full of skyscrapers, presumably built by Chinese companies. They don’t seem to fall down very often.
MSB, Certainly more than I would be prepared to pay; but places like The Cove are even more expensive and they claim to be selling.
2010-03-05| Spike saysI have received a communication from Rob Astbury who clarifies the situation:
Dear Spike, I appreciate very much what you have said but I want to clarify one thing. We have NOT signed a formal contract yet. We did received a letter from Pan China Construction Group Co,. Ltd confirming that they had entered into negotiations with Siam Best Enterprises Co., Ltd. If you email me on xxxxxxxxx I will forward you a copy of this letter. After about two months of negotiations two weeks ago Pan China Construction Group presented Bruno with a formal 128 page contract to finance and build Ocean 1 Tower. Bruno, engineers, architects and accountants made amendments to the contract and it was sent back to China last Friday. We expect that the Chinese will make further amendments and if all agree then the contract will be signed. However, after all the disappointments and frustration during the past two years we have learned it is best to say nothing publicly until a contract has been signed, however owners have been kept informed. Furthermore, all owners who invested in O1 have received a letter from Bruno Pingel stating that their funds have been secured against another project. Besides being an employee of our company I am also an owner who has invested in a condo in O1 and I am as anxious as anyone to see the development proceed as quickly as possible. Again thank you for your latest remarks on your webpage.
2010-03-05| Antz saysHey Spike, have you not seen the news over the past months and years with all the Chinese housing estates that keep collapsing due to poor piling and overall shoddy work. I for one do what I can to stay away from Chinese products, but as you know, it’s not always possible (like my windsurfing sails for example) :-)
2010-03-05| Spike saysAnd your iMac. And your iPhone. And that rather exotic “personal vibrating assistant” that you are so coy about.
2010-03-05| Lloyd saysPretty hard call, Thai or Chinese builders (I know which I would prefer), either way your going to end up with a property thats worth a lot less than you are paying, especially at the rates they are quoting.
I wonder if Mr. Astbury was around selling property during the mid 1990’s?
2010-04-24| Richard saysHey Spike. Don’t you think that you should declare you have a vested interest in promoting this project? On the Gay Sawatdee website forum you own along with your forums moderator Jinks you have continually allowed promotion of the development yet deleted any questions about its progress as soon as the questions were posted.
If you are being paid by Mr Astbury to promote or defend the project then come clean and say so.
Now in April the contruction work has still not commenced so it looks as though it is a dead duck.
2010-04-24| Billy saysIf Spike owns the “Gay Sawatdee website forum” then I take it up the botty every night of the week ….
2010-04-24| Richard says
2010-04-25| Spike saysBilly, well there was that time after the Finance party in Aberdeen when… Oh never mind.
2010-04-25| Spike saysHey Richard. Don’t you think you should do a little research before questioning someone’s integrity?
I do like to think that this site, whilst regularly failing to achieve basic standards of creative writing, grammar or worthwhile content, does manage to maintain a consistently high standard of world-weary cynicism and sarcasm. Check the post above again for sarcasm.. There you go.
If you were a regular reader of this site then you would know that sticking the boot into the pathetic building projects that litter the blighted landscape of Pattaya is one of my favourite pastimes. Included in my targets has been Ocean 1 (see the link in the post above), and the other Siam Best development in Pratumnak:
http://bit.ly/ddSmx9 http://bit.ly/5D6lWL
I have also referred to the failure of Siam Best to comply with the Condominium Act in respect of Residences 1-4 (although I understand Residences 1-2 have now managed to install a new management company which may play by the rules).
I think the only thing I have missed out is having a go at their Majestic housing project where (allegedly) purchasers have been unable to obtain title to their houses because they are being held by the bank to cover loans to Siam Best which have not been repaid.
The above post was prompted by the quoted letter which I saw in Facebook. Following the post, I was surprised to receive a mail from Rob Astbury and I published it in the comments. He also sent me a scan of a letter indicating that there is an agreement between Siam Best and a Chinese construction company, stating an intention to develop Ocean 1. I believe this to be real. However, whether this is merely a useful mechanism to help stall the many court cases that are (allegedly) pending against Siam Best by Ocean 1 “investors”, or a reflection of a genuine business relationship that will result in a contract, I don’t know. The fact that we have still heard nothing official obviously means that nothing has been concluded.
Sadly, I do not own the forum to which you refer. A shame, because it probably earns some money. As for this site, which I do own and which pays me bugger all, I never delete comments, even those that make unsubstantiated allegations; like yours.
So now you can:
- Apologise; and/or
- Repeat the comments that were deleted on the gay forum, knowing that will not be deleted here; and/or
- Fuck off.
I really don’t care which, but if I had to state a preference I would go for number 3.
2010-04-25| Billy sayseh?
2010-04-25| Billy saysoh, and thanks for saving my arse :-)
2010-05-06| John Smith saysWell we in VTR1 @ VTR2 certainly have got ourselves a new Management, and very good they are too. But make no mistake it was a hard fight, every obsticle possible was put in our way not least by authorities at the Land Office ( we wonder why ) when all we were trying to achieve was our lawful rights as per the Thai Condo Act. Yes friends in VTR3 & VTR4 want the same but Bruno Pingel continues to deny them and acts like he still owns the buildings he has sold. Only a VERY SMALL number of owners in VTR4 have managed to so far get Title Deeds despite having paid in full for their condos 2 and 3 years ago, that is 100% fact. Siam Best owe money to the TMB Bank. Owners in VTR6 at Wongamat are experiencing the same ( we are told ) and some on Majestic Estate. Siam Best are in a DIRE Financial mess and hanging on by the fingertips whilst denying decent purchasers of their condos and villas Title Deeds and the human decency of being honest with buyers who have forked out millions. Many who did manage to get Title Deeds only did so by taking Siam Best to Court, that it seems is the way to get your Title Deeds, costs about 35,000 Baht….go and see Lawyer Swiss Siam in Theprasit
2010-05-06| Spike saysJohn, everything you say matches what I have heard. I assume there are also some Ocean 1 purchasers who are trying to get their cash back via the courts.
2010-10-31| Frederic Newton saysOn Monday evening, a very posh birthday party, complete with a five-star hotel chef, was held for the Chairman of Siam Best Enterprise Company, Mr. Bruno Pingel, the owner of the premium-class Ocean One Tower Condominium located adjacent to Jomtien Beach. The festivities were held under a sparkling white party tent near the swimming pool inside the View Talay Village. A huge number of guests attended, including Mayor Ittipol Khunplume, his chief advisors and other local politicians, prominent residents of Pattaya, both Thai and foreign, and a host of beautifully-dressed ladies. They were entertained by an international band performing live music, and there was even a fireworks display before the guest of honor blew out the 50 candles on his birthday cake. A very happy birthday to Bruno!
News stories placed on this website are short versions. If you would like the full story, please read the Pattaya People Weekly newspaper.
2010-10-31| Spike saysRather old news. Sadly, he did not choke on his birthday cake.
2012-01-10| John Smith saysI have a good News from my Thai Lawyer Swiss Siam in Theprasit, all Title Deeds in all Projects VTR 4&6 even Majestic Residence are out of the Bank.