PROPERTY
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After a long wait for the approval of its environmental impact assessment (EIA), construction is due to start on March 30 of Thailand's tallest residential building, the Ocean 1 Tower on Jomtien Beach, according to its developer. Bruno Pingel, chief executive of Siam Best Enterprise Co Ltd, said the company had not expected such a lengthy EIA process for its 12-billion-baht project, which consists of one 91-storey building of 327 metres high.
''The fact that it was such a thorough, exhaustive and professional exercise is very reassuring as regards the future standards and quality control of all high-rise developments,'' he said.
During the process, it had to conduct a public hearing chaired by the Chon Buri governor and attended by Pattaya City representatives, environmental authorities, community leaders, tour operators and residents.
Its contractor is now relocating its foundation construction equipment from Malaysia to the site to get ready for the expected construction date. As the delay in construction will affect costs, Siam Best has already raised prices seven times.
It latest prices are 125,000 baht per square metre for levels 10-14, 130,000 baht per sq m for levels 15-50, and 135,000 baht per sq m for levels 52-85. All studios are 130,000 baht per sq m. All prices will increase by another 10,000 baht per sq m on the construction date.
However, Mr Pingel said he believed that the Ocean 1 prices were very competitive and realistic when compared to other developments.
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