Toronto Pinnacle Lakeside (Phase 1) | 174.86m | 54s | Pinnacle | Hariri Pontarini

[Canadian 2]

Yeah this is showing classic signs of being stalled out
1. No Equipment
2. No progress in several weeks
3. Developer facing financial issues

And also on SSP Canada is now up to 9 on hold highrises
With the most recent on in Edmonton

 

[Mastec]

Yeah this is showing classic signs of being stalled out
1. No Equipment
2. No progress in several weeks
3. Developer facing financial issues

And also on SSP Canada is now up to 9 on hold highrises
With the most recent on in Edmonton

What's SSP Canada?

 

[allengeorge]

What's SSP Canada?

Skyscraper Pages Canada

 

[allengeorge]

Also, at least one of those "On Hold" buildings is no longer on hold AFAIK (Concord Sky).

 

[UtakataNoAnnex]

Staaaaallllled, I gather.

 

[mburrrrr]

It looks like they are still paying the rental bills for the generator.
January 5

March 6

 

[AlbertC]

Not related to the Lakeside Residences but an article from February that mentions about the Greenland Holdings' troubles in London, England and how they've sold off the remainder of their flagship project there:

Chinese developers selling off more London property to raise cash

Shanghai-based Greenland is latest to exit with £40mn sale of Ram Brewery site

www.ft.com

One of China’s biggest developers has sold a flagship London project, in the latest sign that Beijing’s squeeze on the real estate sector is triggering a sell-off of assets beyond the country’s borders.

Shanghai-based Greenland Holdings touted a £600mn development opportunity when it purchased the Ram Brewery site in south-west London in 2014 for about £140mn, its first investment in the UK. The deal was agreed during a push by then prime minister David Cameron and then London mayor Boris Johnson to encourage Chinese investment.

Greenland is now backing away from completing the scheme having sold more than 300 homes. It has sold the remainder of the project to British housebuilder Berkeley Group for about £40mn, according to two people close to the deal.

 

[santoki]

How come messages seem to be getting deleted in this thread?

 

[interchange42]

How come messages seem to be getting deleted in this thread?

Posts that should be in the Real Estate thread for this development have been moved to the Real Estate thread. It is linked in the database file box at the top of the page.

42

 

[Sunny Batra]

Lakeside as of now - March 21, 2022, at 12:30 PM.

 

[skywalker]

Lakeside as of now - March 21, 2022, at 12:30 PM.
View attachment 386785

Looks like no change from the Jan 21 photos!!!!!!!

 

[ADRM]

Lakeside as of now - March 21, 2022, at 12:30 PM.
View attachment 386785

Not so much lakeside these days as becoming the lake.

 

[Amare]

If Greenland is going to go belly up, can we quickly scrub this name off so another Toronto developer (whom we all know very well) doesnt start getting any ideas regarding this site. You know, the one that likes to name stuff after __places.

 

[AlbertC]

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:

Insight: Buttressing Greenland - a bailout in China's distressed property sector

Greenland Holdings, China's No. 7 property developer and highly leveraged, was swept up in a sector-wide debt crisis last year.

www.reuters.com

 

[DogLover]

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:

Insight: Buttressing Greenland - a bailout in China's distressed property sector

Greenland Holdings, China's No. 7 property developer and highly leveraged, was swept up in a sector-wide debt crisis last year.

www.reuters.com

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.