It’s three month since I last reported on the remarkable progress on the construction of Ocean 1, the planned 91 floor super-tower that would be a solid investment, a dream place to live, a landmark building in Thailand blah blah blah.

Since that time, there has been bugger all construction, and bugger all news from the developer. It is now clear that the project is dead, and has been for some time. Don’t blame this on the global financial meltdown credit crunch banking wanking crisis, blame it on a developer who failed to manage their ongoing projects, and failed to manage this one.

The developer goes by the name of Siam Best Enterprises and is known for the development of View Talay Villas, View Talay Residences and Majestic Villas. Not to be confused with the developer of the View Talay concrete cereal box monstrosities, the Siam Best developments are actually well built and attractive, if they ever get finished. View Talay Residences 4, next to Pattaya Immigration, should have been completed more than a year ago, but remains without electricity. Residence 5 appears to be stalled, having made little progress since I last reported on it in August. Many of the houses in the Majestic Villas development remain incomplete, with rumours that a bank has the land title deeds and is not being paid to release them.

As for Ocean 1, well the rumours are flying. It is certainly true that the owner of Siam Best Enterprises, Bruno Pingel, leads a lavish lifestyle. He has a penchant for fast cars, he especially likes new Ferraris at 20 million baht plus a time. He sponsors a racing team, and generally seems to have a lot of money to throw around. Of course, none of this cash comes from punters who have invested in Ocean 1 or any of the other unfinished projects. It’s just that they haven’t sold enough units to enable them to commence the development. Probably.

I am sure that, any time now, Siam Best Enterprise will formally announce the cancellation of Ocean 1, and on the same day will refund, in full, all those who have invested in the project. They will also compensate those who have invested in other developments and who are still waiting for their home. And for those who are lucky enough to have a completed unit in Residences 1-3, Siam Best will comply with the Condominium Act by issuing financial statements and calling Annual General Meetings so that owners can choose their own management company, rather than being forced to continue using Siam Best Enterprises as managers, at a price decided by Siam Best Enterprises.

And pigs will fly.