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Old July 9th, 2009, 02:51 PM   #21
hkskyline
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利東街住宅擬800至1000呎
3 July 2009
明報

【明報專訊】上周由合和實業(0054)伙拍信和置業(0083)組成財團中標的灣仔利東街(俗稱喜帖街)重建項目,初步擬建單位面積由800至1000平方呎起。此外,信和旗下11個商場為響應港府的「塑膠購物袋環保徵費計劃」,下周二(7月7日)向顧客提供環保購物袋。

信和商場向顧客提供環保袋

信和置業執行董事楊光表示,灣仔利東街發展項目其中住宅部分,單位的開則初步為800至1000平方呎起,平均每個單位約1000平方呎,合共涉及約800伙,他強調此乃初步方案,但在灣仔區發展住宅來說,此乃信和置業的首次。

此外,信和因響應港府將推出的塑膠購物袋環保徵費計劃,將於下周二在旗下11個商場向顧客提供環保購物袋,其中可由顧客於客戶服務中心以10元購買每個附有插畫的環保購物袋,售賣所得收益將全數撥捐環保團體綠嶺行動。

楊光表示,信和旗下商場商戶皆預期塑膠購物袋環保徵費計劃,可以減少約五成的膠袋使用量。
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Old July 9th, 2009, 09:03 PM   #22
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Old July 20th, 2009, 08:39 PM   #23
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Wan Chai developers eye $5b
9 July 2009
The Standard

Hopewell Holdings (0054) and Sino Land (0083) are seeking about HK$5 billion to back up their Lee Tung Street redevelopment project in Wan Chai, according to a debt-industry newsletter.

They are discussing financing costs of the deal which, including interest rates and other fees, would be at 1.5 percent with a five-year tenor, Basis Point quoted banking sources as saying.

The deal structure and other details have yet to be finalized.

The Hopewell-Sino consortium won the joint-venture contract for the Lee Tung Street-McGregor Street site from the Urban Renewal Authority last month. The redevelopment is expected to cost about HK$8.3 billion, with each contributing half. Sino has said it intends to fund the project with shareholders' advances and bank borrowings.

Hopewell has said its funding is expected to come from internal resources, existing corporate banking facilities and project financing.

Proceeds of the residential portion of the Lee Tung project exceeding HK$6.2 billion will be shared between the URA and the consortium.

The income and sales proceeds derived from the commercial portion will be shared between the URA and the consortium at a ratio of 40:60.
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Old July 24th, 2009, 08:36 PM   #24
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Old September 7th, 2009, 08:17 PM   #25
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Lack of property sales hits Hopewell
27 August 2009
The Standard

Hopewell Holdings (0054) posted a 72 percent decrease in full-year net profit due to lack of property sales this year.

Net profit of the Hong Kong-based property, infrastructure and hospitality group decreased from HK$5.98 billion to HK$1.68 billion. The company made nearly HK$4 billion from the Macau-residential project Nova City last year.

HHL will start the joint redevelopment project of Lee Tung Street with Sino Land (0083) this year and its own Hopewell Centre II next year. ``There is room for rents to rise,'' said co-managing director Thomas Wu Man-sun. ``They are still 20 to 30 percent lower than the highs in 2007-08.''

Average occupancy rates of HHL's commercial properties are more than 80 percent, Wu said.

Full-year profit of Hopewell Highway Infrastructure (0737), HHL's subsidiary, also decreased 47 percent from HK$2.01 billion to HK$1.06 billion. HHI's profit dropped this year because of higher profits made from the sale of Guangzhou East-South-West Ring Road and yuan appreciation last year.

The company plans to spend HK$12.8 billion on Phase II and III of the Western Delta Route. Phase III will start as Phase II is completed in 2010.

``We expect Phase II West to break even in a year,'' Wu said. ``Based on the current toll revenue of Phase I, it may even make a profit.''
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Old November 12th, 2009, 04:54 PM   #26
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Old January 18th, 2010, 05:38 PM   #27
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Old February 5th, 2010, 09:02 PM   #28
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Hopewell profit soars
The Standard
Friday, February 05, 2010

Hopewell Holdings (0054) posted a 171 percent surge in interim net profit from a year ago to HK$2.5 billion thanks to fair value gain from a Happy Valley project amid a property boom.

Core profit for the six months to December was up 9 percent from HK$554 million.

Hopewell has not decided whether to sell or lease Broadwood Twelve, which will be completed in the second quarter.

"We didn't borrow money for developing Broadwood Twelve, and the cost is only HK$6,000, HK$7000 per square foot," said executive director William Wong Wing-lam. "Whether the market booms or not, it is the same to us."

Managing director Thomas Wu Man-san said Happy Valley sales have been stable. Hopewell has a net cash position of HK$5.63 billion.

It will invest HK$9 billion in the Lee Tung Street redevelopment and Hopewell Centre II over the next five or six years. And it will invest another HK$1 billion in Hopewell New Town, a residential-commercial project in Guangzhou.

Hopewell will book HK$400 million in revenue this financial year from selling over 90 percent of the 100 homes to be completed in the Guangzhou project. Wu expects office occupancy to improve and retail occupancy to fare quite well this year. Interim net profit for subsidiary Hopewell Highway Infrastructure (0737) fell 13 percent to HK$504 million as interest income declined.

Aggregate daily expressway toll revenue rose 3 percent to 9.8 million yuan (HK$11.15 million) and traffic jumped 8 percent to 375,000 vehicles.

The unit will invest HK$1.4 billion in phases II and III of the Western Delta Route.

Wu played down the adverse effects of the rival Coastal Express on its Guangzhou-Shenzhen Superhighway, but admitted that some trucks may switch roads as the competitor's tolls are lower.

Hopewell declared an interim dividend of 45 HK cents and the unit 17 HK cents.
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Old February 16th, 2010, 02:33 PM   #29
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Developers likely to lose billions if bonus scheme goes
3 December 2009
SCMP

Developers who have assumed they will get extra floor area in return for adding "green" features to buildings on land they have already acquired are likely to lose billions of dollars if the government goes ahead with a plan to scrap the bonus scheme.

In the "Wedding Card Street" project in Lee Tung Street, Wan Chai, for example, two developers could see their income slashed by almost HK$1.5 billion without the extra area.

But a surveyor says this should not be a reason not to press ahead with the measure as "investment always comes with risk".

On Tuesday the Real Estate Developers' Association hit back at the government proposal to drop the practice of granting extra floor areas for the so-called green features and to require them to provide these by law.

Under the current practice, developers can build features such as podium gardens and mail delivery rooms without paying a premium for most of them, while including the items in the common areas for which home buyers have to pay.

The association warned officials to "consider carefully" the impact of its proposal on the value of land they had bought but not yet built on.

A simple calculation might explain the developers' reaction.

The Lee Tung Street project, which is under planning after Hopewell Holdings and Sino Land won the site in June, allows a residential gross floor area (GFA) of about 61,300 square metres. If the concession remains and green features inflate the GFA by 23 per cent - as happened in some developments - this will increase to about 75,400 square metres.

An estimation of how much money the project will generate can be done by multiplying the GFA with the average price of a medium-sized flat on Hong Kong Island - HK$104,194 per square metre in September, according to the Ratings and Valuation Department.

The result is that the developer would earn HK$7.86 billion with the concessions and HK$6.39 billion without them.

Dr Poon Wing-cheung, of the Institute of Surveyors, said it was true that developers could have their profits trimmed on sites they had already acquired, because they usually took into account the extra floor areas when bidding for the land.

"But investment always comes with risk. You can't expect the policy to remain unchanged forever."

Height restrictions in different districts had also cut development density without the owners being compensated, he said.

Lee Wing-tat, a Democrat who sits on the Legislative Council's development affairs panel, said the developers had gained enormously from the extra floor area practice. He urged the government to listen to the public, which had shown a preference for a less dense environment.

The Sustainable Development Council is expected to make recommendations to the government based on a public consultation by the middle of next year.
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Old July 13th, 2010, 04:58 PM   #30
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URA set to open up its books on projects
12 June 2010
South China Morning Post

The financial details of individual urban renewal projects - a closely guarded secret since the Urban Renewal Authority was set up in 2001 - will be disclosed on Monday.

Information on the gains or losses on individual projects and the amount in nominal land premiums paid is expected to trigger debate about whether the authority should self-finance redevelopment projects.

The financial operation of the URA is being reviewed by the Development Bureau, a process to be completed by the end of this year.

The government injected HK$10 billion into the authority when it was established in 2001.

But how much each renewal project has gained or lost has been kept from the public until now. The authority has only disclosed an overall gain or deficit on a yearly basis since it began operating.

This sparked criticism from lawmakers and activists, who urged more transparency.

It was only last June that the authority made a commitment in the Legislative Council to consider making the details public as far as possible.

A person who has seen the details said the figures would be submitted to the Legislative Council later this month but they would be released to the media in a government briefing on Monday.

However, only the financial details of eight projects, including the Langham Place development in Mong Kok, will be disclosed as the sale of flats and shops in the remaining projects has not been completed. The authority has carried out 45 redevelopment projects and four preservation schemes.

The authority is expected to have made a profit in the last financial year. The projects tendered last year increased cash flow as the co-developers of the Lee Tung Street (Wedding Card Street) redevelopment in Wan Chai and phase one of the redevelopment in Kwun Tong have already paid an initial redevelopment cost.

In contrast, the authority recorded an operating deficit of HK$4.5 billion for the 2008-2009 financial year as a loss provision was made for the Kwun Tong Town Centre project.

James To Kun-sun, a non-executive director of the authority and a Democratic Party lawmaker, said the authority would be forced to justify its profit and losses after the release of financial details.

"It's good for the authority to have a candid conversation with the public," To said. "But you can't blame the authority for giving a certain amount to affected residents while making huge profits."

To said people living in a flat more than 30 years old were given compensation equivalent to a seven-year-old flat, but the authority does not know whether a project will make a profit until the moment the flats are sold.

"It will suffer a loss if flats are sold during a downturn in the property market."

He said profits were spent on other redevelopment and conservation projects.
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Old October 2nd, 2010, 03:12 PM   #31
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Pedestrian system to link Wan Chai towers
Hopewell Holdings plans walkways to help traffic flow and better connect its properties

22 September 2010
South China Morning Post

Four high-rise buildings in Wan Chai will be linked to the MTR station by subways and footbridges.

The pedestrian system, initiated by Hopewell Holdings, will connect its key properties - the Hopewell Centre, the Wu Chung House office tower, serviced apartment block Garden East and the Lee Tung Street redevelopment, which is being jointly built with Sino Land.

"The system is aimed at diverting pedestrians from the roadside to smooth traffic flow in Queen's Road East and Johnston Road," Hopewell's executive director, Albert Yeung Kam-yin, told the Wan Chai District Council yesterday.

Under the proposal, a subway under Johnston Road will link the MTR station with the basement of the future residential project at Lee Tung Street - popularly known as Wedding Card Street - and the basement of the Hopewell Centre in Queen's Road East.

The segment between the Hopewell Centre and Wedding Card Street will be built by Hopewell and completed by 2013, Yeung said.

The section linking it to the MTR station will be built later.

The contract to design the project will be put out to tender by the MTR Corp.

A footbridge will be added to link Wu Chung House and Garden East, which are on opposite sides of Queen's Road East.

Although Yeung said the pedestrian system would not be connected to the Hopewell Centre II, which is currently under construction, councillors still expect that the works will mean the tower will be better connected to other parts of Wan Chai.

Councillors backed the proposals, believing they will offer convenience for residents and visitors.

The council was yesterday also updated about a scheme by Swire Properties to revamp another part of Wan Chai.

Last year, Swire announced a HK$20 million proposal to beautify the streetscape in a one-hectare area between Queen's Road East, St Francis Street, Star Street and Wing Fung Street by improving features such as railings, paving, lighting, signage and information panels.

It also sought to beautify the area's Lok Moon Garden, Dominion Garden and Kwong Ming Street children's playground, and improve public access to them.

The company would manage the first two parks, which are part of private residential properties, and hand the public playground in Kwong Ming Street back to the Leisure and Cultural Services Department after completing the renovations.

The company's architect consultant told councillors yesterday that the parks and streets would be paved in stone to restore an old flavour to the area, once the site of a Christian hospital and cemetery.
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Old February 1st, 2011, 12:00 PM   #32
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Shaken residents flee Wan Chai flats
1 February 2011
The Standard



Drilling at a Wan Chai redevelopment site was suspended yesterday after those living nearby complained their homes had been shaken twice in three days.

More than a dozen residents of the six-story, building at 18-20 Tai Wong Street East, which is undergoing renovations to its exterior wall, were evacuated after police received a report at 10.38am. A similar report was made on Saturday.

``As with the last time, I heard a noise coming from a cabinet. Another cabinet on wheels also shook,'' a woman surnamed Kwan said.

A resident surnamed Chan said: ``I was sitting on a sofa when it started shaking. [The shaking] lasted for around half an hour.''

Another resident said he received a call from his mother in the morning telling him the 43-year-old building was shaking. He said some neighbors also felt the vibrations and feared there might be a repeat of the To Kwa Wan tenement collapse a year ago in which four people died.

After inspection, the Buildings Department said the block is structurally safe and allowed residents to return to their homes.

A spokesman for the Urban Renewal Authority, which is behind a redevelopment project in Lee Tung Street, two blocks from Tai Wong Street East, said it decided to temporarily halt foundations drilling but other work will continue.

He said structural engineers will inspect the block and nearby buildings to see whether there is a link between the vibrations and drilling work. So far, he said, there is no evidence that there is.

``As the building concerned is two blocks away, it is quite unlikely that the drilling work has any impact on the block.''

He said the drilling started in the latter half of last year and there were no complaints until last week.


The spokesman said the inspection will start after the Lunar New Year holidays.

The drilling work may resume if the department is satisfied with the report and deems it safe.

Engineer Ringo Li of the Professional Commons, a policy think-tank, said an on-site inspection is required to check whether the reported vibrations are related to the foundations work.

The redevelopment project is expected to provide 1,212 flats by 2015.
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Old February 3rd, 2011, 05:59 PM   #33
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More building cracks reported near URA project in Wan Chai
2 February 2011
South China Morning Post

More people living near an Urban Renewal Authority construction site in Wan Chai have reported cracks in their buildings, with the authority still trying to determine whether its piling work caused one block to shake a day earlier.

In Amoy Street, next to the Lee Tung Street redevelopment site, hair stylist Emmi Lee said there were two cracks inside her salon on the ground floor of a tenement.

Across the top of the glass window of the shopfront, a horizontal crack could be seen. A strip of exposed concrete, about 1cm wide, made the crack stand out from the orange paint on the wall.

"It's all cracked. It's very dangerous {hellip} we're worried that it could fall any time," she said, adding that she was worried about the glass falling onto pedestrians.

Other owners of shops in the same street said that they felt vibrations but did not report cracks.

"I can feel the vibration when I sit on the ground," Chan Chi-keung, owner of a plastic manufacturing company also in Amoy Street, said.

A real estate agent working in the same street said vibrations were not surprising because they were so close to the construction site.

Their reactions came as concerns were raised that piling work at the authority's site caused a 43-year-old building in Tai Wong Street East, three blocks away, to shake on Saturday and Monday.

Some residents of the building said the shaking lasted for 15 minutes and 17 people were evacuated from their flats for several hours. Piling work has been suspended since yesterday.

On the other side of Amoy Street, Po Ngai Garden, a 15-storey apartment block nearest to the construction site has also developed cracks.

Two vertical cracks along the outer wall of the 24-year-old building extend from the top of the wall to the ground. One of them is about three metres long and the other, on the shorter wall, measures about 1.4 metres.

Inside the lobby, watchman Chung Wai-chong pointed to a vertical crack behind one of the cracks on the outer wall. The cracks, about 0.5cm to 1cm wide, appeared over a month ago, he said.

An authority spokesman said an engineer had started a survey of buildings in the neighbourhood, in Amoy Street, Swatow Street and Tai Wong Street East.

Several shop owners in Swatow Street said that they had not found cracks in their shops.

The authority spokesman said: "The team is still analysing data. Our initial finding is that there are no irregularities in these buildings. But we will expand regular monitoring of nearby buildings and conduct checks more frequently."

Piling would be suspended until the survey was completed and assessed by the Buildings Department.

Chan Chi-ming, head of the construction department of the Vocational Training Council, said a possible reason that the block at Tai Wong Street East felt more shaking than others was that there were no adjacent blocks to cushion any impact.
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Old February 6th, 2011, 08:10 AM   #34
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Alarm sounds over cracks found in shaken buildings
2 February 2011
The Standard

More residents have voiced concerns about the safety of buildings near an Urban Renewal Authority redevelopment site in Wan Chai.

This comes after a dozen residents were evacuated from a six-story building on Tai Wong Street East on Monday following complaints that it had been shaking for the past three days.

The complaints from those living two blocks away from the Lee Tung Street site prompted a halt to piling work by the URA.

But following inspections on Monday, authorities said they have found no evidence that site work is responsible. Inspectors from the Buildings Department revisited the affected flats yesterday and concluded that there is no danger.

But those living in another nearby street complained that widening cracks have been found in their walls.

``When the construction work began, it was a small crack,'' said Chong Wai- chong, who works as a security guard at nearby Po Ngai Garden on Amoy Street.

``But afterwards, piling work was conducted in the adjacent building and the crack started to widen.''

Chong said that some cracks grew to as long as three meters.

``I just feared it would collapse after seeing what happened at Ma Tau Wai,'' said a shopkeeper, referring to the collapse of a To Kwa Wan tenement a year ago, in which four people died.

``There are cracks in the toilets and the door as well as on some walls. That's why I am worried,'' he said.

The authorities said detectors have been installed in buildings near the project site to keep track of structural safety during the construction work.

A government spokesman said drilling and piling work at the project will be suspended until the Buildings Department receives the contractor's report.
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Old February 27th, 2011, 02:28 AM   #35
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Old March 2nd, 2011, 02:59 PM   #36
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Findings of investigation into cause of building vibration at No.18-20 Tai Wong Street East
Tuesday, March 1, 2011
Government Press Release

An investigation into the cause of vibration experienced by residents living at No.18-20 Tai Wong Street East has confirmed that the vibration level recorded did not exceed the limit set out in the approved foundation plans for the Lee Tung Street redevelopment project, and that the safety of the buildings nearby the construction site is not affected. Residents can put their minds at ease, a spokesman for the Buildings Department said today (March 1).

The investigation was conducted upon receipt of complaints from residents of No.18-20 Tai Wong Street East concerning the vibration of their building on January 29 and 31, 2011.

The limit of the vibration level as set out in the approved foundation plans for the Lee Tung Street redevelopment project is 7.5 mm per second. Vibration tests were conducted to find out the level of vibration at 15 buildings near the site. During the investigation, the highest level of vibration recorded was 2.7 mm per second, even when vibration-generating construction activity was in full motion on the Lee Tung Street redevelopment site. The vibration level recorded is far below the limit as approved.

"Generally speaking, it is normal for construction activities to generate a certain degree of ground vibration which may or may not be perceptible," the spokesman said. "The investigation also revealed that the perceptible vibration, the measured level of which as recorded is far below the limit set out in the approved plans, occurred during the excavation of inter-bedded strata of rock and soil by the method of hydro-fraise for the construction of diaphragm wall at the Lee Tung Street re-development site."

The Building (Construction) Regulations stipulate that no building works shall be carried out which may affect adversely the stability of any adjoining building, structure, land, street or services. The Buildings Department also has issued Codes of Practice and Practice Notes on foundation works in order to set out guidelines and requirements on how to assess the effect of foundation works on adjacent buildings. Such assessments, as well as various precautionary and protective measures, have to be provided by the project's Registered Structural Engineer (RSE) to the satisfaction of the Buildings Department prior to the actual commencement of foundation works.

In order to address the concern of the residents of the buildings affected, the Registered Structural Engineer and the Registered Specialist Contractor for foundation works (RSC) for the Lee Tung Street re-development project has proposed, with the agreement of the Buildings Department, to adjust the construction method by minimising the use of hydro-fraise for excavation of inter-bedded strata of rock and soil with the aim of minimising the vibration that may be caused. The RSE and RSC will also implement the following measures for resumption of construction works on site for the diaphragm wall:

(i) to give advance notice to nearby residents about the specific dates and times during which the vibration-generating construction activities will be carried out;

(ii) to set up a telephone hotline to answer the residents' enquiries; and

(iii) to step up building monitoring.

In addition, the RSE and RSC will position staff at the vibration-affected buildings to continuously monitor the structural safety of the buildings during the vibration-generating construction activities.

The Buildings Department and the RSE briefed the District Council and the affected residents on the test results and the arrangements for the above measures last Tuesday and today respectively. The Buildings Department will continue to monitor the construction activities on site and the implementation of the above measures.
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Old March 5th, 2011, 08:52 PM   #37
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Old February 26th, 2012, 01:10 PM   #38
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Hopewell clinches 14pc income gain
The Standard
Friday, February 24, 2012

Underlying profit at Hopewell Holdings (0054) grew 14 percent in the second half last year, thanks to higher rents generated by its investment portfolio and toll roads.

Net income excluding revaluation gains was HK$579 million, although revenue fell by 2.33 percent to HK$3.15 billion.

Managing director Thomas Wu Man-sun predicted stable rental growth despite the European debt crisis. "Spot rents at Hopewell Centre are between HK$40 and HK$50 per square foot per month. Our average right now, is less than HK$30 psf per month," he said.

But the firm sold fewer residential flats in the six months to December 31, resulting in a loss before interest and tax of HK$8 million.

Investment in the Lee Tung Street project has been increased to HK$9 billion from the previous HK$5 billion. The 88,500-sq-ft project will provide about 1,300 units.

Presales are set to start next year, and construction is due for completion in 2015.

As for the second phase of Hopewell Centre in Wan Chai, the developer said it is continuing talks with the government on the land premium.

An interim dividend of 45 HK cents was proposed. Subsidiary Hopewell Highway Infrastructure (0737) said net profit for six month to December 31 rose 16 percent to HK$571 million, or HK$19.28 per share.
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Old February 26th, 2012, 03:08 PM   #39
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It's incredible how long this project has taken already!
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Old February 26th, 2012, 03:37 PM   #40
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Quote:
Originally Posted by Ribarca View Post
It's incredible how long this project has taken already!
I passed by it today and saw some pilings in the ground, but no signs of any structure appearing yet. Yes, it's surprisingly slow.
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