Lakeside Residences | 158m | 49s | Greenland | Hariri Pontarini

DSC

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Thank you for your info. Anything we can do? Email Chris for the status?
I emailed Greenland a couple times, they provide same answers every time that they have no updates and the project is in progress.
Either you believe them or you don't - that's your call. Constantly asking for answers is not likely to provide any until they want to respond!
 

DogLover

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Still anyone's guessing game on what and when something will happen next for this project.

But here's an article from March 15, 2022 on the Greenland Group's getting some bailout help with their debt from state owned enterprises:

Just how far the government will support Greenland remains to be seen. Its financial difficulties are not over. It has $190 billion in total liabilities, and according to Refinitiv data, outstanding bonds worth $7.1 billion, of which $3.7 billion is due to mature this year.

I think we all know the longer this drags on the likely hood of this project being built as is goes down significantly. With the costs to build rising so quickly it will be hard to build, from memory this project sold for just under 1000 psf @ 2017, the cost to build in the city is around that now... If they do proceed they would not be making much money but only building to keep their brand well.
 

omekakim

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Just how far the government will support Greenland remains to be seen. Its financial difficulties are not over. It has $190 billion in total liabilities, and according to Refinitiv data, outstanding bonds worth $7.1 billion, of which $3.7 billion is due to mature this year.

I think we all know the longer this drags on the likely hood of this project being built as is goes down significantly. With the costs to build rising so quickly it will be hard to build, from memory this project sold for just under 1000 psf @ 2017, the cost to build in the city is around that now... If they do proceed they would not be making much money but only building to keep their brand well.
That's right, I agree with that. Crude oil price is $100 per barrel. Lumber price going up, some countries running out of concrete as well. I have emailed them called them many times, all they ever said was "unavoidable delay " I hope they don't cancel this project, however if they do I want my money back ASAP to invest on other things.
 

tripwire

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Just how far the government will support Greenland remains to be seen. Its financial difficulties are not over. It has $190 billion in total liabilities, and according to Refinitiv data, outstanding bonds worth $7.1 billion, of which $3.7 billion is due to mature this year.

I think we all know the longer this drags on the likely hood of this project being built as is goes down significantly. With the costs to build rising so quickly it will be hard to build, from memory this project sold for just under 1000 psf @ 2017, the cost to build in the city is around that now... If they do proceed they would not be making much money but only building to keep their brand well.
Well if it does continue as is (whether under Greenland or not) I bet there's a good chance they will pull the "if you want to keep your unit, pay more monies, or we'll return your deposit" scheme as other developers are doing/have done. :(

If another developer jumps in, could they have the previous contracts null and void and do a full redesign/rebrand?
 

Toronto_Realty

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So guys - I am another unfortunate person who has his 20% locked with this builder. I read through most of the forum pages (just noticed this forum yesterday). In short, is there anyone who thinks this project might come back to life again? Thanks.
 

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So guys - I am another unfortunate person who has his 20% locked with this builder. I read through most of the forum pages (just noticed this forum yesterday). In short, is there anyone who thinks this project might come back to life again? Thanks.
"Something' will certainly be built on that site, whether it will involve Greenland is quite another matter and the longer the site remains 'dead' the lower the chances are of you and other purchasers getting a home there (at least in the current proposal and at the price you paid.)
 

SamyChong

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Either you believe them or you don't - that's your call. Constantly asking for answers is not likely to provide any until they want to respond!
Remember, they are sitting on PRIME Real estate in one of the hottest markets in the world! They may have to pony up or make less from Phrase ONE (Which is where we all are!), they may make it back in their other phrases. The good part is that this company is favored by the Chinese government by helping them to meet their loan obligations. That is all good news in light of WHAT IS!!! Samy
 

Bjays92

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Remember, they are sitting on PRIME Real estate in one of the hottest markets in the world! They may have to pony up or make less from Phrase ONE (Which is where we all are!), they may make it back in their other phrases. The good part is that this company is favored by the Chinese government by helping them to meet their loan obligations. That is all good news in light of WHAT IS!!! Samy
Favored might be a stretch. They haven't been left out to dry yet but the government certainly isn't jumping to bail them out either.

This project is a long ways off from actually starting and rest assured to those who keep asking, as soon as something comes up or there appears to be any signs of progress here, someone will document and post it.
 

UtakataNoAnnex

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Real estate related postings should be directed here: https://urbantoronto.ca/forum/threads/215-lake-shore-east-greenland-real-estate.27787/

Off topic posts not directly related to the development aspect will be (re)moved.

MoD
I keep coming to this thread because always thinking it's being bumped with the vein hope of new news on this stalled development...that well has been miraceroulsy un-stalled. And while I appreciate the activism of concerned purchasers caught up in this project, it's not the best thread to do this in. Best of luck to those involved in getting all the grievances resolved with this. /bows
 

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