The TALLEST building in the world--in Pattaya?!
Admittedly when I read the story of plans for the world's 'tallest residential building' to be built in nearby
Jomtien I thought it was joke.
It had to be a satire of Thailand's real estate market--Or so I thought.
But, it's TRUE!
The City Government of Pattaya recently gave the go-ahead for the construction of 'Ocean One', a 91 storey
condominium tower that will ultimately rise to 367m (1204ft) in height. Due to be completed in 2010, this will not only be the
tallest building in Thailand but exceed any in Europe, South America, or Africa.
And evidently sales interest, from what I've read, is especially strong especially from Australians.
So, what are the implications for these condo buyers and Pattaya's real estate market?
Here's some thoughts:
I've said this MANY times in previous newsletters (see archives) that buying anything tangible is risky in
And if you've been following Thai news over the past few months , you know the government's been tightening regulations on
foreign investment, property ownership, and instituted currency controls.
The market for single family homes in the area, for example, I understand has collapsed! The Thai Stock Market is also off
While foreign-owned condos have not been specifically addressed in any new laws, yet, caveat emptor!
I'm a poor prognosticator (see my stock portfolio for evidence!) but I recommend CAUTION for the foreseeable if investing in
Business, house, condo, or automobile, anything you can't take with you may be at risk.
Bottom line: Don't sink monies into here that you can't walk away from!