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ASIA TRADING POST PROPERTY NEWS The seaside city of Pattaya in Thailand is a haven for the single minded tourists and ex pat haven boasting some 1600 bars. It is situated on a 4 km stretch of road along the sea & along the North end are around 96 bars, hotels and restaurants. This is the seafood paradise; the place where down and outers lose it all; where those escaping their winters come for Thailand's summers and where anything goes ---well almost. Pattaya is famous for its ski boats, water sports like fishing with all night bars and nightlife and the odd scam or 2. Formally a US Military rest stop and recreation from the 60s and 70s it saw a rapid change in its development. Today it is a premier beach resort with over 1 million tourists visiting a year--loads of self loaders and a few of the old retirees. PATTAYA CONDOMINIUM DEVELOPERS: 2009 many foreigners are being taken for a ride when they invested in condos that didn't even start. The hype regarding the exclusiveness of condos by the sea has seen some incomplete or not even started projects and the investors have been short pocketed by certain foreigners and Thais with no comeback.
Even the nice looking graphic artist depictions, one cannot resist the temptation to get in first and buy a condo right on the Pattaya Beach with a name that has hit the record books, and this breathtaking highrise was to be the mega darling of Pattaya. Well it seems as at August 2009 theres no condo complex on schedule and the beach remains the same with waves flashing and waiting for the next project to happen.
Thats right, in Thailand anyone can be a property developer over night and Pattaya attracts all sorts into the business. Some foreigners have never ever been a developer but who are we to say whose a property developer as theres no rules in this game. Its easy to set up a company and then use a construction company to build your dream money making venture and sell to those many foreign investors from overseas who are itching to get their place on the beach. Poeple think the developer is also the construction company but no its not---- they just collect the money and pay the cost of the building to the Conmstruction company & pocket the rest. Real Estate in Thailand is not regulated in Thailand at all, so theres many cowboys out there busy building. The Real Estate Brokers Assoc have lobied for years to get Brokering registered but the politicians don't want to do as then they cannot juggle the property game in their favour?? The rules of ownership are very vague and can be changed any time. But not to say all of them are cowboys. Some are sales reps, builders and genuine building developers etc who can sell a % of condos before being built to cover construction costs but the crises has left many would be investors to lose their deposits, to tighten their belts; not buy their 2nd home in Pattaya as anticipated and some of the Russian style monstrosities like the View Talay highrises are being left empty and sad as less Russians are coming to Thailand to live and more people change their minds as the crises bites into societies everwhere. In point of fact the more condos being built as we write the less that will sell--could this lead to a buyers market or could we see maintenance drop and condos get into disrepair as the owners take their loses. Ocean 1 Tower above: Has it stopped & will it start again: The World's Tallest residential building ??? 91 Storey Condominium Tower comprising 587 units, and billed to be tallest building in Thailand-Tallest Residential Building in The world made everyone open their mouth with awe. Height was to be a mega 327 Meters at the lst residential level, 367 Meters to The Pinnacle height and the fanfare in the media left many gasping. Architects : Woods Bagot (Australia)M&E : Lincoln Scott Structural Engineer: Connell Wagner and the Developer : Siam Best Enterprise Limited were set to change the history books; Construction Contractor : K-TECH limited an excellent construction company was ready. But it wasn't to be? Ocean 1 owner is Siam Best Enterprises or none other than German Bruno Pingel, who leads a lavish lifestyle & likes Ferraris at 20 million baht plus a pop. For a young fella he has imagination dreamtime ---it was Bruno age 43 who ran a Ferrari on Gasohol 95 instead of regular 95 petrol ---drove 10 kms down the road without noticing the ball of smoke emanciating out of the 4 chimneys-- and the engine blew up--yes Ferraris hate gasohol and the many valve seats in such a car would have burn't inside out in no time???leaving the computer system in panic mode----- well perhaps its no fun for the poor Ferrari workings but the many investors in this mega project that was to be the wonder of Pattaya may show little or no emotion over a blown motor. But thats life for the rich and famous in Pattaya; the mega condo beach haven of Thailand, where anything goes and happens within reason? By April 18th 2006 Ocean 1 Tower had sold: 79 units ??? it is said?? well thats about 125,000 Euro for a 1 bedroom and buying a piece of the largest residential building in the world???? So wouldn't you if you had the money and wanted to tell your friends where your condo was in Pattaya and make a name for yourself. All foreigners like to boast and tell what they own --thats why we are materialistic folk and cannot see further than our wallets. The price per square meter was a cool 100,000 Baht which is about right for this upmarket treasure (80-100,000 baht in Bangkok). Ok thats better than paying 1m baht per talang wah in Siam Square Bangkok (Aug 24th 2009) but then its a show piece and all show piece owners like to tell their friends where they are living. I am sure if the crises never happened this Ocean 1 Tower would be well underway being built so its a shame this has happened. Perhaps Bruno will have something in his bag of tricks as he tries to sue to get his money back from the service station attendent who at around 5000 baht salary per month may never be able to pay for the motor in his lifetime @20m baht??? But, last we heard poor old Bruno was having problems with a fraud rap?? so the Ferrari may never see daylight again. Well, perhaps it will get off the ground once the Thai situation gets better but the way the politics are going there won't even be a high season as Thaksin & supporters fight for power and anarchy could prevail if no pardon bet your life. In the meantime the Ocean1 Tower books are kept safe in the office for the reopening if in fact it will come about so, lets hope? With the current August 23rd 2009 property scams where foreigners are buying up land and property in Samui, Phuket, Pattaya using instant Thai wives there could be well more condo complexes going against the wall and some sad looking faces as the Government decides whether to take back these properties or levy fines. Now whats that going to tell would be investors? Is Pattaya the right place to buy;----- well for my money I wouldn't buy in something thats not complete for starters and I would do a thorough background check on the Property developer including his Bank credit?? but I am sure there well be bargains about as those already in first want out and those that can wait will reap the leftovers at a bargain price---well thats the theory of some people so be it?
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Read more about Ocean 1 Tower & others. The inside story of whose who in the [ OCEAN 1 TOWER ] [ More OCEAN 1 TOWER ] [ PHUKET SCAM ][ THAI PROPERTY DEVELOPER SCAMS ]
PATTAYA INVESTMENT SCAMS: Behind the scenes of fun in Pattaya there are the odd scam artists and one of these is no other than the Australian scam artist Lance Frederick Shaw of www.hiperfinance.com who scammed many foreigners in Pattaya and is still running FREE. Many foreigners have been taken with investment scams, condos never completed nore deposits returned and quick rich scams. [ READ MR SHAWS SCAM ] [ Ian Silver Pattaya Investment story ]
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