Progress on Ocean1

[TotallyOz]

Just curious as I almost bought a place there years ago and backed out, I have passed by the site several times in the past week and nothing seems to be happening. What is the latest on the developments there? When I looked into this I do remember a launch day but can't remember what that date was. When is it supposed to be finished?

[Bob]

A couple of months ago, during one of my brief sojourns to Pattaya, I stopped by the site to take a look-see. Nothing had started on site at all and the only thing happening was somebody was using part of the site to mix concrete for some other venue.

 

I have no interest one way or the other if it's ever built but, frankly, I doubt if it will ever be. Too big (based on what I've read, any building over about 60 stories is more a story about vanity than economic intelligence), too costly, the economic climate sucks (and financing has to be extremely difficult or impossible), and the drop in tourism numbers wouldn't seem to be a very good omen.

[Guest HeyGay]

I can assure you lots of things happening there, behind the scenes, even though, I am sworn to secrecy, announcements will blow away all the doubters and those who have invested in this Major Project, will be more than please with the out come.

 

 

[Guest naughtybutnice]

I can assure you lots of things happening there, behind the scenes, even though, I am sworn to secrecy, announcements will blow away all the doubters and those who have invested in this Major Project, will be more than please with the out come.

 

 

There is no big secret .

 

A letter from Rob Astbury on Ocean 1 is alive! | Pattaya Days (post #5) states that as of March this year no contract for the building of Ocean 1 has been signed

[Guest gwm4sian]

There is a clause used in a lot of Thai contracts when buying an unbuilt condo that states something like

after signing this contract you must immediately pay a deposit, and thereafter pay monthly installments. Even if the building is late or unfinished you must keep on paying the monthly installments. If you stop paying the monthly installments you forfeit your condo along with all monies paid to date.

 

Does anyone know if this sentiment is included in Ocean1?

[Gaybutton]

Does anyone know if this sentiment is included in Ocean1?

I have no idea, but given the number of projects that people did invest in, and then ended up with major delays or even abandonment of the project, you wouldn't catch me signing such a contract I might consider a contract that gives me the right, if the project is not completed by the specified date, to opt for continuing to pay or having all the money I had thus far paid refunded immediately and in full.

 

If I ever see such a clause in a condo contract, then we'll talk . . .

[Guest]

Does anyone know if this sentiment is included in Ocean1?

 

When I looked that was the requirement. Thus, the reason I didn't want to go forward. However, I looked very very early on. Like the first 2 months they started selling. If completed, I would still consider a place there. But, I'll need to see the first 50 stories first.

[Guest Taschizzie]

Considering that the world is still in recession, that the EuroZone is nursing basket-case countries that are close to flat on their backs, that Thailand is in the midst of political turmoil that has cost lives and made headlines around the world, that the real estate industry in Pattaya is in a major slump, it would take a financier with cajones of steel to finance with his own or borrowed capital a 91 story behemoth called Ocean 1.

 

The possible use of purchaser's deposit money to finance the construction is pretty much out for the simple fact that there are few, if any, purchasers about these days and the money on deposit have probably been used for start-up costs.

 

From the minute I first heard about the project, I've thought that it would never get built. It was too much of everything; too much like hubris set in concrete. The topper was the use of Elton John's name as a penthouse buyer.

 

Really think about it: Pattaya, 91 stories. Does it make sense?

 

**********

 

This is the state of the world's GDP growth today:

 

 

The accompanying article is here.

[Guest HeyGay]

All I can say is wait watch and then be in wonderment, when you find out the Plans for this project?

[Guest]

All I can say is wait watch and then be in wonderment, when you find out the Plans for this project?

 

I am sure the plans are great. When is the site supposed to be livable? I am not asking to cause a controversy. I am only curious as I can't seem to find out anything about it. I saw how fast VT7 was built and wonder why others can't do the same.

 

On that note, I know that VT 6 is an amazing location but does not have an exit to Beach Road. Why? Also there is a large empty show-house in front of VT6. I wonder if that is going to be used, or after all the places are sold, are they going to build something else in front?

[Guest naughtybutnice]

I am sure the plans are great. When is the site supposed to be livable? I am not asking to cause a controversy. I am only curious as I can't seem to find out anything about it. I saw how fast VT7 was built and wonder why others can't do the same.

 

On that note, I know that VT 6 is an amazing location but does not have an exit to Beach Road. Why? Also there is a large empty show-house in front of VT6. I wonder if that is going to be used, or after all the places are sold, are they going to build something else in front?

 

If as the letter (March 2010) from Mr. Astbury states the contract to build has not yet been signed and assuming the contract was sealed today it would require at least another 3 months before construction on the site could realistically commence. Then given the best will in the world, and not allowing for any delays, it would be at least the latter part of 2013 before completion.

 

The considered opinion of many in the investment business who have followed this proposed construction is that the site will never see any construction that even vaguely resembles the Ocean 1 plans.

[Guest beachlover]

All I can say is wait watch and then be in wonderment, when you find out the Plans for this project?

 

When will this wonderment come? It just seems to everyone that there are no solid facts... only fluff and hype.

[daddydawg]

... only fluff and hype.

 

 

Hence, the wonderment!!!

[Guest beachlover]

'Plans' are just marketing fluff and hype.

 

Only facts and action are worth wonderment.