Buggered if I know.
The last post on the subject, received comments to the effect that negotiations were in progress with Pan-China Construction Group. I understand that, following negotiations, a contract was signed at the end of March and that the first payment from the construction company was due to be paid on the 29th April. Once this was received, Siam Best Enterprises would announce the revival of the project.
But so far we have heard nothing. The story goes that the problems in Bangkok caused the Chinese contractor to delay the payment. Then they found they had a lot of formalities to complete to work in Thailand; which apparently was also a cause to not send the money.
Must be a really interesting contract. “We the undersigned agree to pay huge amounts of cash on the 29th April, unless there is some news we are not happy about or we have to do some work we have not foreseen, or if we discover that the property market in Pattaya is totally fucked and nobody is buying anything”.
I am not holding my breath for an announcement, mainly because I can only hold my breath for 2 minutes; but also this does not sound like any sort of contractual basis for undertaking a massive construction project. If it does go ahead, I will be very surprised if it is still a 91 floor luxury offering as originally announced (due to start construction in August 2006, for completion in 2009….).
Comments 🔗
2010-06-08| Craig saysWell if they build it and it falls over - we wont have to catch a ferry to get to Koh Larn anymore
2010-06-08| dean saysI thought the developer paid the costruction company to build the project. Never heard of it the other way round….
2010-06-08| Spike saysCraig, At least it would make it useful. Dean, never heard of a project pretending to be in progress for 4 years and getting away with it either!