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

[omekakim]

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]

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?

 

[TheSix]

Nothing going on…

 

[AlvinofDiaspar]

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

 

[UtakataNoAnnex]

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

 

[Lenser]

Bloody 'ell. All in vein.

 

[jjmac]

What are we allowed to write here? It seems like everything gets auto-deleted.

 

[Lenser]

This place is moderated - as with most sites, much depends on what you are saying - or how you are saying it.

 

[DSC]

This place is moderated - as with most sites, much depends on what you are saying - or how you are saying it.

or, esp. on THIS thread, WHERE you say it. There are often TWO threads for a project, "Construction" and "Real Estate" and buyers in this project seem to be drawn to posting in the Construction thread when they are (very understandably) complaining about lost or frozen deposits and the sinking viability of the developer and THAT kind of talk belongs in Real Estate!.

 

[Northern Light]

What are we allowed to write here? It seems like everything gets auto-deleted.

There are FAQs but for ease.

- No profanity

- While criticism is fair of developers or architects etc, be careful to avoid language that may be potentially libelous.

- No attacking other posters

- Try not to go off-topic too far (though it happens from time to time and is generally policed relative to degree)

- As @DSC noted above, make sure to place correct items in the correct thread. Construction/development threads are mostly for items directly related to a proposed or under construction design or planning issues surrounding same. Financial items, buying/selling, and individual unit matters are more for the Real Estate thread.

- That should keep you from experiencing regular deletions.

-

 

[UtakataNoAnnex]

- Try not to go off-topic too far (though it happens from time to time and is generally policed relative to degree)

And that all depend on how relative it is to the topic being discussed. But like with others posted here, if there is another thread that better covers that off-topic better, then it should go over there.

 

[AlvinofDiaspar]

What are we allowed to write here? It seems like everything gets auto-deleted.

Not deleted - moved in this case to the real estate version of this thread:

215 Lake Shore East (Greenland) - Real Estate -

Thread for those interested in purchasing in the Greenland Group's upcoming multiphase development at 215 Lake Shore Boulevard East and Sherbourne.

urbantoronto.ca

The link to that thread was embedded in my post specifically to redirect posters intended to talk about the real estate aspect of this project. Also I suspect a lot of relatively new members are posting in this thread because that's what comes up in Google.

MoD

 

[Domenico]

I'm assuming Greenland Holdings referenced in the attached article below is the same as the Greenland Group referred to as the developer on this site. If so, it's not looking good for this project's future.

Chinese Developer Behind Brooklyn Megaproject Placed On Default Watchlist

Greenland Holdings was given a junk rating this week by the S&P Global, placing its developments in doubt.

www.bisnow.com

 

[mburrrrr]

I read the displayed text only, 2 steps below junk bond, doesn’t sound good. I guess I get to keep my view for at least another year? I was looking forward to more construction as we all were I’m sure.

 

[DSC]

From: https://gnews.org/2651530/

​

The management of Greenland Holdings said in an investor conference call on May 27th that the company would not be able to repay its US dollar bonds due in June as scheduled and sought investors’ consent to apply for an extension.
According to reports, Greenland Holdings held a conference call with investors on the morning of May 27th, during which the management of the company said that a US$500 million bond with a coupon of 6.75% due on June 25th, 2022, could not be repaid as scheduled and seek consent from investors to the extension.
It is noted that the US Dollar bonds were issued on June 25th, 2019, and the aggregate principal amount of the notes held by or on behalf of the issuer, the guarantor, and their respective subsidiaries is US$12 million.
The report said that Greenland Holdings had previously sold two buildings in New York, USA, for a transaction consideration of US$360 million. Still, only a remaining US$50 million returned to Hong Kong due to a development loan of US$180 million, and the fact that the company only owned 70% of the equity, plus deducting commission payments, was not enough to cover the repayment amount.
In addition, Greenland Holdings Corp. plans to sell RMB 200 billion of assets over three years, or $50-70 billion per year, including commercial, office, and hotels.