Puttin On The Ritz. NOT!!!
Yet another dose of recession reality was handed out yesterday when Vancouver-based developer Holborn Group told buyers who’d bought condominiums in the $500-million Ritz-Carlton project that it was being cancelled. “To get financing, you need a certain amount of presales - and because we didn’t have enough units sold, financing didn’t turn out the way we wanted,” Holborn president Joo Kim Tiah said yesterday.
Holborn had sold 62 of 123 condos in the project, which was to feature a 20-storey luxury hotel topped by 40 storeys of condos. Those sales didn’t meet the threshold of 75 ( minimum sales) that the company, and potential lenders, were looking for, so the project was put on hold indefinitely.
Source: The Globe And Mail
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