Jomtien's New Building Boom (and the Old Ocean 1 site)

[sharecropper]

Has anyone noticed the sudden rush to start building condos in Jomtien? Everywhere on Second Road seems to have become a new construction site. Is it down to new land taxes next year or a desperate rush to take bank money to fund new builds before a perceived crash? Whatever, nobody in their right minds can be building condos here thinking they can easily sell them, when so many new builds lie empty and buyers decline. So what's going on?

Also, I noticed the old Ocean One site has now started construction. Anyone know what's going up there? And do old Ocean One buyers get their money back or any credit in lieu in the new building being built?

 

 

 

[007cableguy]

I think the Ocean one was scam from the start anyone who believed that a 90+ floor building was ever going to be built must be mad !

[newnative]

     Oh, my!  Ocean One.  A blast from the past!  A 90-story condo did seem very far-fetched 9 years ago when my partner and I arrived.  Now there is a 67-story condo development taking bookings.  Working our way up to 90, I guess.  I'm curious, too, as to what is going to built on the Ocean One site.

[tinca tinca]

copacabana on beach road is suppose to be 59 floors high.....IF IT GETS FINISHED!!!

[Leaver]

1 hour ago, sharecropper said:

Whatever, nobody in their right minds can be building condos here thinking they can easily sell them, when so many new builds lie empty and buyers decline. So what's going on?

The word "condo" now has two meanings.  Condo's are being used as "hotels" because police are not enforcing the laws about renting out a condo for less than 1 month.

 

They may be called condo's, but in all possibility they may be used as hotel rooms.  Take The Base in Central Pattaya for example. 

 

These would suit the current demographic of tourists coming here because they have a kitchen and can cook their instant noodles.  ????

[newnative]

21 minutes ago, Leaver said:

The word "condo" now has two meanings.  Condo's are being used as "hotels" because police are not enforcing the laws about renting out a condo for less than 1 month.

 

They may be called condo's, but in all possibility they may be used as hotel rooms.  Take The Base in Central Pattaya for example. 

 

These would suit the current demographic of tourists coming here because they have a kitchen and can cook their instant noodles.  ????

     Spot on.  Recently I asked a visitor what hotel he was at and he said The Base Hotel.  I liked living at Centric Sea until it became more hotel than condo.  I liked living at Unixx until it, too, became more hotel than condo.  All these new, large, condo projects in good locations seem to become hotels very quickly.  Finally wising up, my current condo is in a smaller, older building with long-term owners and renters that sold its condos in the era before Airbnb.  

    Recently I looked at the website of a new, very large condominium project being proposed for Pattaya.  Even though it is a condo project with condo units for sale, the word 'condominium' I believe only appears once on the contact page of the website.  Instead, the condos are referred to as 'units' and 'apartments' and the development, itself, is just a 'project' with no condominium descriptive.  Likely another hotel on the horizon. 

[Guderian]

It might explain why some of the larger new projects have a hotel attached to the condo, it would probably make using the condo units as hotel rooms much easier, and possibly even more legit.

[DoktorC]

The chinese are coming..... the indians are coming.... Got to have someplace to put them.... 

[Henryford]

Well we have the Luciano and Grand Solaire nearby both 66+ stories. Jomtien will become the new Manhatten.

Edited December 10, 2019 by Henryford

[Leaver]

3 hours ago, DoktorC said:

The chinese are coming..... the indians are coming.... Got to have someplace to put them.... 

Correct.

 

You can't sell them beer in a bar, and food in a restaurant, but they do need accommodation. 

[CygnusX1]

11 hours ago, tinca tinca said:

copacabana on beach road is suppose to be 59 floors high.....IF IT GETS FINISHED!!!

At least Copacabana’s on the beach, and in a fairly central location. I can’t understand mega projects like Marina Golden Bay that are a long way from the beach.

I had thought that Ocean One was abandoned after the rouble collapsed.

Nobody seems to have any idea why the huge area of beachside vacant land between View Talay 5 and the water park has never been developed.

[SidJames]

I have noticed groups of chinese in Tescos recently doing food shopping.

There is a terrible shortage of empty hotel rooms & condos so it's great that someone is building more empty hotel rooms & condos.

Don'tcha hate to see folks homeless at Christmas & this can only help to solve that problem locally

[kingofthemountain]

13 hours ago, sharecropper said:

Has anyone noticed the sudden rush to start building condos in Jomtien? Everywhere on Second Road seems to have become a new construction site. Is it down to new land taxes next year or a desperate rush to take bank money to fund new builds before a perceived crash? Whatever, nobody in their right minds can be building condos here thinking they can easily sell them, when so many new builds lie empty and buyers decline. So what's going on?

Also, I noticed the old Ocean One site has now started construction. Anyone know what's going up there? And do old Ocean One buyers get their money back or any credit in lieu in the new building being built?

Once upon a time...

 

Still a ''work in progress''

rinse and repeat

Pattaya is mostly an endless scam

[Leaver]

23 hours ago, newnative said:

     Spot on.  Recently I asked a visitor what hotel he was at and he said The Base Hotel.  I liked living at Centric Sea until it became more hotel than condo.  I liked living at Unixx until it, too, became more hotel than condo.  All these new, large, condo projects in good locations seem to become hotels very quickly.  Finally wising up, my current condo is in a smaller, older building with long-term owners and renters that sold its condos in the era before Airbnb.  

    Recently I looked at the website of a new, very large condominium project being proposed for Pattaya.  Even though it is a condo project with condo units for sale, the word 'condominium' I believe only appears once on the contact page of the website.  Instead, the condos are referred to as 'units' and 'apartments' and the development, itself, is just a 'project' with no condominium descriptive.  Likely another hotel on the horizon. 

Most of all of these new condo's will never be sold.  They will be leased on cheaper 1 year contracts to Chinese and Indians, perhaps even some westerners, and then subleased to tourists on websites, such as AirBnB, for the more expensive daily rate.  Many have several 1 year leases on a variety of condo's.

 

After a Thai cleaner and utilities are paid, the long term lease holder keeps the difference, being profit. 

 

I have heard in many cases the 1 year leasee isn't even in Thailand, and runs the whole show from China, over the internet.

 

It's so out of control now that if that really enforce the law, large scale projects would go broke.

[xxeo]

So many times, in so many countries worldwide, has an exagerrated boom in building properties - seemingly out of control, sometimes increasing an oversupply - been the last stage of a booming economy prior to the crash.

[ToddinChonburi]

Rumors of a Central festival mall being built. They started one in Siracha.

[CGW]

On 12/10/2019 at 9:40 AM, 007cableguy said:

I think the Ocean one was scam from the start anyone who believed that a 90+ floor building was ever going to be built must be mad !

Didn't the "developer" build the new Immigration office on Soi 5 as part of the "deal"?

[Jingthing]

On 12/10/2019 at 9:40 AM, 007cableguy said:

I think the Ocean one was scam from the start anyone who believed that a 90+ floor building was ever going to be built must be mad !

Yeah back in the day I sat down for a hard core sales pitch for that place but luckily I had that unmistakable gut feeling. 

[CNXexpat]

I am waiting that the government enforces the law that condos have to be rented out for minimum one month. Then so many owners will get a problem.

 

Here in Chiang Mai many hotels and guesthouses have a problem with less guests and on the other side a 600 condo complex is build right now who advertises with "Airbnb-friendly". 

[xxeo]

Yes, and in Chiang Mai, during the last years, they have been opening new hotels and new guesthouses again and again. They do hope Chinese tourists keep on coming, one owner told me; otherwise they do have a problem.

[natway09]

Most are  a tax dodge

[Max69xl]

18 hours ago, SidJames said:

I have noticed groups of chinese in Tescos recently doing food shopping.

There is a terrible shortage of empty hotel rooms & condos so it's great that someone is building more empty hotel rooms & condos.

Don'tcha hate to see folks homeless at Christmas & this can only help to solve that problem locally

"There is a terrible shortage of empty hotel rooms & condos."

Really? There are loads of empty condos all over Jomtien, and hotel-rooms all over Pattaya. Some hotels have had a 25-50% discount the last 6 months. I've seen rooms in Pattaya that used to cost ~650 baht go for 350 baht. 

[CygnusX1]

22 minutes ago, Max69xl said:

Really? There are loads of empty condos all over Jomtien, and hotel-rooms all over Pattaya.

Sid was being sarcastic. It would be very hard to find anyone on this forum who’d disagree with the statement that there’s a glut of accommodation in Jomtien.

[NanLaew]

On 12/10/2019 at 11:45 AM, newnative said:

     Spot on.  Recently I asked a visitor what hotel he was at and he said The Base Hotel.  I liked living at Centric Sea until it became more hotel than condo.  I liked living at Unixx until it, too, became more hotel than condo.  All these new, large, condo projects in good locations seem to become hotels very quickly.  Finally wising up, my current condo is in a smaller, older building with long-term owners and renters that sold its condos in the era before Airbnb.  

    Recently I looked at the website of a new, very large condominium project being proposed for Pattaya.  Even though it is a condo project with condo units for sale, the word 'condominium' I believe only appears once on the contact page of the website.  Instead, the condos are referred to as 'units' and 'apartments' and the development, itself, is just a 'project' with no condominium descriptive.  Likely another hotel on the horizon. 

When The Base, Unixx and the like kicked off, they all offered variations on the "guaranteed xx% income over xx years" spiel that suckered in the buy-to-let 'entrepreneur'. With the lack of anyone seeking to rent their little boxes, Airbnb is a Godsend. However else will they manage to pay for their ill-researched investments?

 

But maybe it's the long game? Build it (or buy it) and they will come... eventually.

Edited December 11, 2019 by NanLaew

[bkk6060]

Drive around away from the beach toward Sukhumvit still several large project unkempt shells sitting maybe for ever.

Anybody who buys a condo now is buying a hotel room environment.

With many people who some may feel are undesirable, coming in and out.  Going on everywhere especially in the newer buildings.

[Suradit69]

The Ocean One website with photos and sales pitch for those who weren't around back then.

http://casasiamproperty.com/The-Ocean-One-Tower-condominium-Pattaya-_845

 

 

[GeorgeCross]

5 hours ago, CNXexpat said:

Here in Chiang Mai many hotels and guesthouses have a problem with less guests and on the other side a 600 condo complex is build right now who advertises with "Airbnb-friendly". 

 

thats great news, hotels suck and i haven't been to chiang mai in a few years. high floor with gym and good pool please!

[kingofthemountain]

30 minutes ago, GeorgeCross said:

 

thats great news, hotels suck and i haven't been to chiang mai in a few years. high floor with gym and good pool please!

I hope you like the smell of burning

[sharecropper]

1 hour ago, Suradit69 said:

The Ocean One website with photos and sales pitch for those who weren't around back then.

http://casasiamproperty.com/The-Ocean-One-Tower-condominium-Pattaya-_845

 

 

Thanks. I'd forgotten all about K Tech - another real estate casualty.

 

An earlier poster mentioned the construction of the Jomtien Immigration building. I'm certain that was built as part of another 'deal', not related to Ocean 1.

 

 

[CNXexpat]

13 minutes ago, kingofthemountain said:

I hope you like the smell of burning

Right now we have much better air than the people in BKK and parts of the Isaan. And do you write the same comment about Phuket, where was very bad air when they burned in Indonesia, but only in this time, not all year long?

 

47 minutes ago, GeorgeCross said:

thats great news, hotels suck and i haven't been to chiang mai in a few years. high floor with gym and good pool please!

There are plenty of available rooms right now. You don´t have to wait till this building is finished. 

P.S. For me Airbnb sucks. I like when hotel rooms are cleaned daily by example.