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Old November 2nd, 2006, 07:11 AM   #41
hkskyline
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Some more background information on the SE Asia property slump due to the financial crisis :

Southeast Asia resurrects skeleton buildings
28 May 2004
By Dominic Whiting, Asia property correspondent

BANGKOK, May 28 (Reuters) - Skeletal buildings abandoned across Southeast Asia during the 1997-98 economic crisis are coming to life again as developers emerge from debt restructuring and investors look for cut-price deals.

But one of the hurdles to completing unfinished projects is the legal responsibility for the safety of structures lashed by monsoon rains and baked by the sun for seven years.

"These issues can be deal breakers," said Mark Fraser, a partner in law firm Johnson Stokes & Master in Bangkok.

Brought to their knees by the crisis, Thailand and Indonesia are littered with building sites silenced when heavily indebted developers ran out of cash and buyers for their projects.

In Jakarta, mosquito-ridden derelict sites have been blamed for deadly outbreaks of dengue fever. Thousands of swallows are "squatting" in one half-finished block in Thailand, bringing a windfall for people who sell saliva-pasted nests to Chinese restaurants specialising in "bird's nest soup".

But with many developers rejuvenated by injections of fresh capital, some sites are rumbling again. In Bangkok, seven out of 48 suspended projects have been restarted, says property consultants Jones Lang LaSalle.

British, Singapore and U.S. investors are also sniffing around properties in Bangkok, said Fraser, who is trying to carve a niche dealing with legal issues posed by suspended projects.

Contractors brought in to finish the buildings but unaware of previous mistakes or short-cuts, should hammer out deals with developers to share risk and responsibility, he said.

TRANSFORMED

Although the Thai economy is humming again, the rampant demand for offices envisaged a decade ago still appears a mirage. So developers are changing tack and tapping into demand for plush homes.

Golden Land bought the shell of an office block and turned it into apartments. Raimon Land is doing the same with a 60-percent finished building, with a fund involving Singapore developer CapitaLand and ING Real Estate.

Raimon Land bought a 40 percent completed building in Pattaya for 260 million baht ($6.4 million) and aims to spend an extra 520 million baht before selling it for one billion baht. Buying the skeleton project will save it two years of development time.

"It sold out in five days," Raimon Land chief executive Nigel Cornick said. "It's much more viable as a residential project than an office project," he said. The apartments sold for around a fifth more than office units would have.

Central Jakarta's 40-odd unfinished projects are attracting the interest of some foreign investors lured by the promise of eight percent rental yields. In comparison, Singapore is offering six percent yields and Hong Kong three to four percent.

But with political and security concerns drying foreign investment to a trickle, around 20 percent or 700,000 sq metres (840,000 sq yards) of Jakarta's existing office space is empty.

"There are regional investors looking for offices because they know this is the right time to buy because property is very cheap," said Anton Sitorus, head of research at Jones Lang LaSalle in Jakarta.

"They're interested in half-finished projects probably because they are easier to redesign."

INDONESIA

Among the grander projects put on hold are the 60-storey BDNI Tower, which was originally to cost the Gadjah Tunggal conglomerate $400 million and the Menara Sahid office and shopping mall complex started by Sahid Jaya International.

"Companies arranged with creditors or authorities to try to keep their properties, so what we see is most of the suspended projects still owned by old owners," Sitorus said of efforts to deal with bad loans by the defunct Indonesian Bank Restructuring Agency (IBRA).

"We've heard that some of them are willing to work with other parties if they can bring financial assistance."

While projects in central Bangkok and Jakarta are likely to be revived, some out-of-town projects started during the euphoria of surging economic growth in the early 1990s are likely to remain ruins. Engineers say a project left for 10-15 years is likely to have structural problems.

"Some of them just should never have been conceived," said David Simister, managing director of property firm CB Richard Ellis in Bangkok. ($1=40.64 Baht).
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Old November 2nd, 2006, 01:18 PM   #42
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Jakarta has several skyscrapers on hold especially some supertalls. Now the country is recovering, we should see these unfinshed projects get back on track.

BDNI has been on hold for nearly 10 years.
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Old November 2nd, 2006, 05:41 PM   #43
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Quote:
Originally Posted by WANCH View Post
Jakarta has several skyscrapers on hold especially some supertalls. Now the country is recovering, we should see these unfinshed projects get back on track.

BDNI has been on hold for nearly 10 years.
I doubt the original unfinished projects can get back on track. The client may have changed; the bank may have foreclosed on the site. I expect changes to the designs and economics before the towers come back up. Indonesia had a relatively slow recovery compared to the other countries. Coupled with political instability, terrorism, and natural disasters, they had a much more difficult time than their Southeast Asian neighbors.
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Old November 10th, 2006, 09:43 PM   #44
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Quote:
Originally Posted by Erebus555 View Post
Quote:
Originally Posted by hala View Post
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Originally Posted by Joe_centennial View Post
^ I agree. IMHO They should render the design albeit cos the current design looks too similar to that of BOC. It lacks originality. I personally wouldnt want to hear other ppl from diff nations saying that BDNI Centre is a 'copycat' or sum sort. Make the window tint gold instead.
But both of them are IM Pei’s design. Like I have never heard people say that the Disney Music Hall in LA is a copycat of Guggenheim Museum in Bilbao.
I have. Disney are actually being threatened with legal action over it. Do not know the full details of it though.
These are very interesting but illogic critics. Honestly, even people blame Frank Gehry repeating himself, but using a word “copycat” is inappropriate. Gehry invented his own metal covered curvaceous structures and Pei got his highly efficiency skyscraper structure, and they were applying them to different projects. The concepts may look familiar but if you pay a little attention, you will see there are many unique designs in the details. Hope those people who criticized the Disney Music Hall is a copycat of Guggenheim Museum in Bilbao had really been to these places. If you just take a close look at them, you will see they are so much different. Even the materials used in these curvaceous structures are different. The Guggenheim Museum is made of Titanium, and the Disney Hall is made of Aluminum.

Here’s an analogy. Say, someone invented a new concept for jet planes, and every time he designs a new model, someone will come out to criticized that it’s a “copycat” of his previous design.......
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