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Old January 26th, 2013, 01:22 AM   #3281
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So it's just on-hold. I will wait until the thread title changes. No matter how long.
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Old January 26th, 2013, 12:56 PM   #3282
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You thought once it was UC it was safe, but no. Another Dubai great hit by fate :-/
Really, what are they going to do with the building now? Just finish it up at the height they have?
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Old January 27th, 2013, 12:46 AM   #3283
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Why would they do that?
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Old January 27th, 2013, 01:55 AM   #3284
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Pentominium will continue, it is not possible to stop so he got too far, already with 28 floors and a lot of money should have been invested in it
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Old January 27th, 2013, 10:55 AM   #3285
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Quote:
Originally Posted by i love supertalls View Post
Pentominium will continue, it is not possible to stop so he got too far, already with 28 floors and a lot of money should have been invested in it
The only question is when it will restart.
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Old January 27th, 2013, 02:20 PM   #3286
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Sad thing is, it might be completed only to its current height like the Metlife North Building in NYC
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Old January 27th, 2013, 02:43 PM   #3287
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Quote:
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Pentominium will continue, it is not possible to stop so he got too far, already with 28 floors and a lot of money should have been invested in it
It is very well possible that it will continue with a significant change in design or height reduction.
Think about what happened to Waterview in Chicago.
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Old January 27th, 2013, 03:00 PM   #3288
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Sad thing is, it might be completed only to its current height like the Metlife North Building in NYC
No, it will absolutely not. It makes absolutely zero economical, financial and LEGAL sense to do that. That is even less likely then demolishing the existing structure
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Old January 27th, 2013, 04:26 PM   #3289
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Quote:
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No, it will absolutely not. It makes absolutely zero economical, financial and LEGAL sense to do that. That is even less likely then demolishing the existing structure
Can you elaborate on that so I can understand the context here?
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Old January 27th, 2013, 04:50 PM   #3290
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There are people who bought apartments there and have paid substantial amounts of money. Whatever solution, provided the developer doesn't return with the money needed to restart work, has to take that in consideration as well.

If the Goverment will confiscate the project, they will look for a buyer who can continue work and aalso honour, fully or to a degree, the status and the investment of the people who bought apartments there and paid installements.

The Goverment isn't going to touch the building and just top it off as it is, and a private investor wouldn't do that either.
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Old January 29th, 2013, 03:30 AM   #3291
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Quote:
Originally Posted by AltinD View Post
There are people who bought apartments there and have paid substantial amounts of money. Whatever solution, provided the developer doesn't return with the money needed to restart work, has to take that in consideration as well.

If the Goverment will confiscate the project, they will look for a buyer who can continue work and aalso honour, fully or to a degree, the status and the investment of the people who bought apartments there and paid installements.

The Goverment isn't going to touch the building and just top it off as it is, and a private investor wouldn't do that either.
Thanks, that makes more sense now.
So you think if there wont be anybody found that is willing to finish the whole thing the building would be rather taken down instead of capped where it is?
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Old January 29th, 2013, 03:11 PM   #3292
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Quote:
Originally Posted by AltinD View Post
There are people who bought apartments there and have paid substantial amounts of money. Whatever solution, provided the developer doesn't return with the money needed to restart work, has to take that in consideration as well.

If the Goverment will confiscate the project, they will look for a buyer who can continue work and aalso honour, fully or to a degree, the status and the investment of the people who bought apartments there and paid installements.

The Goverment isn't going to touch the building and just top it off as it is, and a private investor wouldn't do that either.
But what if no investor will be found? How long are those that bought apartments there willing to wait? Sooner or later they will demand their money returned and if the government will be forced to give them a refund, what reason will it have to continue any works on the building?
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Old January 29th, 2013, 05:11 PM   #3293
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it definitely doesnt blend well with the surroundings, but it is still an amaaaazing building
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Old January 30th, 2013, 12:21 AM   #3294
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Quote:
Originally Posted by andisart View Post
Thanks, that makes more sense now.
So you think if there wont be anybody found that is willing to finish the whole thing the building would be rather taken down instead of capped where it is?
What would complicate more the situation, in case of the Goverment confiscating the project but no one is found to be willing to continue, would be the status of the land plot. Did the developer fully paid for it, or did he took a mortage which isn't yet paid and the Bank would claim ownership?


Quote:
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But what if no investor will be found? How long are those that bought apartments there willing to wait? Sooner or later they will demand their money returned and if the government will be forced to give them a refund, what reason will it have to continue any works on the building?
Why would Goverment give any refund? They are not building the tower, a private developer is.


Anyway, the fact the contractor is still on site (i.e. didn't fully abandoned it), means they still see some kind of hope on the project.
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Old January 30th, 2013, 05:09 PM   #3295
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Quote:
Why would Goverment give any refund? They are not building the tower, a private developer is.
I dunno the laws of Dubai but if they would confiscate it, wouldn't it mean they would also acquire the debt of the developer?
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Old February 12th, 2013, 10:58 PM   #3296
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I do not understand why Dubai has many projects on hold, the recession is not over in Dubai or problems with Nakheel?
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Old February 13th, 2013, 01:50 AM   #3297
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Tower one in mumbia about to surpass Pento
http://img189.imageshack.us/img189/7...lresiworld.jpg
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Old February 13th, 2013, 07:58 AM   #3298
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Project on hold doesn't mean it will be canceled. Maybe dubai now just wait and see the upcoming future financial/economical environment to raise soon.
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Old February 13th, 2013, 10:33 AM   #3299
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Taking recent damac redesign and shortening I feel even more that's the fate of pentominium as well. I think that eventually this plot will be occupied by a supertall but I really wouldn't be surprised if it was lower and simpler one (and re branded maybe? ). It may not be canceled but may turn out completely different from original plans. Anyways what ever will be build there one thing is pretty certain - it most likely will remain as a quarter finished skeleton for years to come.
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Old February 14th, 2013, 03:51 AM   #3300
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World One in Mumbai has already exceeded 110m as of February 13th; at the present rate of construction (3.5m net height increase per week), World One will exceed the present "on-hold" height of the Pentominium one month from now.

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diagram update
Mumbais tower one is forging ahead, about to surpass the pento tower.
New yorks 432 park ave rising quickly.will be interesting to see if 432 park ave catches up to Tower one to pinch title for short time??

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