{"id":46055,"date":"2017-03-01T23:59:36","date_gmt":"2017-03-01T16:59:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=46055"},"modified":"2017-03-01T21:19:28","modified_gmt":"2017-03-01T14:19:28","slug":"bangkok-ghost-tower-remains-a-chilling-reminder-for-thais","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bangkok-ghost-tower-remains-a-chilling-reminder-for-thais\/","title":{"rendered":"Bangkok &#039;Ghost Tower&#039; remains a chilling reminder for Thais"},"content":{"rendered":"<p>&#013;<br \/>\nThe 49-storey Bangkok high-rise was supposed to feature luxury condos for hundreds of newly affluent Thai families, but it was abandoned unfinished when the Asian financial crisis struck in 1997.Now called the &#8220;Ghost Tower,&#8221; it is a monument to mistakes made and an object of curiosity to a steady stream of visitors. &#8220;Sathorn Unique,&#8221; named after the up-and-coming neighborhood next to the Chao Phraya river it towers over, draws dozens of foreigners daily who come to gawk at the decrepit, stained concrete edifice. It is a home not to Thai yuppies, but to bats, birds, weeds, trees and a black-and-white spotted cat, seen prowling one afternoon on a seventh floor balcony.&#8221;The only way is up,&#8221; reads graffiti scrawled in chalk on the fifth floor landing, an ironic reminder of the building&#8217;s aspirational past.Near the building&#8217;s entrance sits a ramshackle homemade spirit shrine. A yellowing poster of Thailand&#8217;s late king, clad in royal regalia, is plastered above ashes of spent incense and opened bottles of fruity Red Fanta &#8211; the tower ghosts&#8217; favorite drink, according to the watchman Suwaschai Dadaelor.&lt;div class=&#8221;embedObjects videoWrapper&#8221;&gt;<div class=\"video-container\"><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/pTDgRlpYClo?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation\"><\/iframe><\/span><\/div>&lt;\/div&gt;In the booming 1990s, Bangkok&#8217;s skyline was surging studded with construction cranes.The architect and property developer Rangsan Torsuwan was flush with cash from selling ornate, high-rise apartments along the beach in Pattaya. He drew up blueprints, cleared the land and made millions of dollars pre-selling them. Then came what Thais call the &#8220;Tom Yum Goong&#8221; crash &#8211; referring to the famous local sour and spicy soup. It started in Thailand when the over-leveraged government unexpectedly devalued the baht. Investors rushed to pull their money out as quickly as they could, setting off a regional financial crisis. About 500 big construction projects &#8211; from shopping malls to elevated railways &#8211; came to a screeching halt. Some later resumed, but not this one. At 185 metres, the structure is among the tallest abandoned towers in the world, after North Korea&#8217;s 105-storey Ryugyong Hotel, which has been under construction since 1987.For Rangsan&#8217;s son Pansit, who now is in charge of the building, the decline of the building is painful. He locked up the stairwells. &#8220;I only feel worry,&#8221; he said. &#8220;This is not a complete construction, and it&#8217;s very dangerous to let people to go up there.&#8221;A few years ago, a 30-year-old Swedish man, Stig Johan Kristian Hammarsten, hanged himself on the 43rd floor. His body was discovered weeks later, cementing the building&#8217;s reputation as a &#8220;ghost tower&#8221;.A famous cinema was razed to make way for Mr Rangsan&#8217;s folly, but  the property has been mired in a complex lawsuit for years and it looks unlikely anyone will demolish it anytime soon. Inspectors say the reinforced concrete structure is still fundamentally sound despite weathering decades of storms.For now it serves as a support for two, 18-storey billboards: one advertising Pepsi and the other the iPhone 7. For Thais, the tower is a reminder of lessons learned.On one recent February afternoon, a crowd gathered on the Ghost Tower&#8217;s ground floor for a seminar. The topic: the tower, the financial crisis and the 20 years since. &#8220;This building is important because it is a symbol,&#8221; said Rames Promyen, the director at the National Discovery Museum Institute.&#8221;It serves as a reminder to ourselves &#8211; a reminder of how to better prepare for future crises, and how to strengthen ourselves.&#8221; * APbusiness@thenational.aeFollow The National&#8217;s Business section on Twitter&#013;<br \/>\n&#013;<br \/>\nSource : thenational.ae&#013;<br \/>\nRead more&#8230;<a href=\"http:\/\/www.thenational.ae\/bangkok-ghost-tower-remains-a-chilling-reminder-for-thais\" target=\"_blank\">Bangkok &#8216;Ghost Tower&#8217; remains a chilling reminder for Thais<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; The 49-storey Bangkok high-rise was supposed to feature luxury condos for hundreds of newly affluent&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-46055","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bYP","jetpack-related-posts":[{"id":72995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/thai-property-developer-bhiraj-launches-reit-to-invest-in-central-bangkok-projects\/","url_meta":{"origin":46055,"position":0},"title":"Thai property developer Bhiraj launches Reit to invest in central Bangkok projects","date":"November 27, 2017","format":false,"excerpt":"\r Thai property developer Bhiraj Buri Group has set up a real estate investment trust to raise 6 billion baht (US$183.5 million) for new mixed-use projects on Sukhumvit Road in the capital Bangkok, aiming to make the area a landmark for consumer goods and e-commerce. Bhiraj Office Leasehold Reit (BOFFICE)\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mahanakhon-accused-of-breaching-thai-law\/","url_meta":{"origin":46055,"position":1},"title":"MahaNakhon accused of breaching Thai law","date":"September 2, 2016","format":false,"excerpt":"\r Bangkok\u2019s tallest tower is at the centre of a row over Thai labor laws At 314 metres, MahaNakorn is Thailand\u2019s tallest building. weerasak saeku\/Shutterstock_ Following the success of Monday evenings lights show, Thailand\u2019s tallest building, MahaNakhon is facing conflict over claims it breached Thai labour laws. The complaint regards\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23365,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/thailands-luxury-developers-seek-outside-investments\/","url_meta":{"origin":46055,"position":2},"title":"Thailand\u2019s luxury developers seek outside investments","date":"August 19, 2016","format":false,"excerpt":"\r Thai developers are hitting the road to showcase luxury condo developments Bangkok\u2019s skyline with the structurally impressive MahaNakhon Tower. Image credit: MJ Prototype\/Shutterstock Faced with a flagging market, Thai luxury condo developers are striking out abroad to showcase their projects. Leading the charge is Pace Development Corp, the mastermind\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19570,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/finishing-touches-on-bangkoks-tallest-superluxury-tower\/","url_meta":{"origin":46055,"position":3},"title":"Finishing touches on Bangkok\u2019s tallest superluxury tower","date":"July 13, 2016","format":false,"excerpt":"\r Residents are expected to move in this Q3 2016 Image credit: MahaNakhon on Facebook The finishing touches are being put in place at the 77-story MahaNakhon tower, Bangkok\u2019s tallest building, and the first residents will start moving in throughout September. In addition to the 209 Ritz-Carlton Residences, the development\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11036,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bangkok-puts-gloss-on-thai-credit-risk\/","url_meta":{"origin":46055,"position":4},"title":"Bangkok puts gloss on Thai credit risk","date":"April 21, 2016","format":false,"excerpt":"\r Luxury developments surge ahead but elsewhere real estate and credit cycles may be turning\r \r Source : ft.com\r Read more...Bangkok puts gloss on Thai credit risk","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120636,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/thai-developer-sansiri-targets-hong-kong-buyers-with-affordable-mini-flats-in-bangkok-amid-glut\/","url_meta":{"origin":46055,"position":5},"title":"Thai developer Sansiri targets Hong Kong buyers with \u2018affordable\u2019 mini flats in Bangkok amid glut","date":"June 29, 2021","format":false,"excerpt":"\r With Thai developers struggling to dispose of a massive stock of unsold flats in Bangkok, many of them are trying to lure overseas buyers with huge discounts and bargains to whittle down the inventory and get the struggling sector back on its footing.Bangkok-listed Sansiri, one of the top three\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/46055"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=46055"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/46055\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=46055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=46055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=46055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}