[COM] 114 Waymouth Street | 78m | 26lvl | Wingfold Tower

[metro]

another image from twitter: https://twitter.com/CameronEngland



Looks like lots of zebra crossings are planned for Waymouth Street

[crawf]

They've only just finished the showroom and now they're saying that construction has started ??

Surely they must be talking things up to get people interested.

According to 7 News tonight, this has started construction. There was also a snippet of the premier attending today.

[Dvious]

Apparently this has started even according to their facebook page..

I thought it may have been a typical Advertiser bogey but maybe it has?

https://www.facebook.com/u2onwaymouth?fref=ts

[ghs]

Take note of the wording which they are using.

They are saying 'construction has started' rather then 'Under construction'.

If they were really about to start construction then why did they setup that showroom ?

In the article on the Adelaide Now website there's also nothing saying that 60 or 70 percent of the
apartments have been sold which is what would normally be required for the project to go ahead.

'Construction has started' is code for ' we've put a fence around the site and the building should
be under construction later on in the year, possibly in 6 months time'

At the end of last year there was a fence put around the Palladium on Light site and they said
construction is about to begin and since then nothing has happened.

[Dvious]

Why are you so negative about every single project that is going to go ahead? Unless you are 100% sure you deny it till the end.

If you did some research you would know that international investors do not need 60/70% pre-commitment from apartment sales, if they are willing to take the gamble then they can do as they please.

Aria on Gouger has only 60% sold and the building is almost finished, so judging by that they may have only had 40-50% sales before construction began. This has been advertised for months now, so who knows how much interest they may already have.

Two other things, the sales office is not actually located on the building footprint, so that may not effect construction at all, and on the facebook post by Adelaide now, there was a comment from someone saying they are working on site as of tomorrow.

[Brando]

I was under the impression anyway that there was a government clause that stipulated construction must commence within a certain period of time.

[ghs]

Mate,

Aria on Gouger was a smaller building so it's not so risky to go ahead with sales of 40 - 50 %.

If they already have 60 to 70% sales for U2 then what do they need that sales office for ?

I went to the Bohem office today and they told me that that construction will go ahead once sales reach 80%.

It would be too risky for Datong to build without at least 60% of the apartments sold. See if you can find some
data to show that more then 60% of the apartments have sold please.

[Dvious]

I never once said they have sold 60% of the building? I'm not even saying they have sold 5% of the apartments.

I'm just going on the fact that they don't need to have any sales if its an international developer, they can build without a single sale if they had the money and really wanted to AFAIK.

They may have only sold 25% of the apartments, feel that Adelaide CBD apartment sales are on the rise, and they felt like they want to start construction to increase interest. I have no idea.

[ghs]

Dvious, it's too risky to build with only 25% sales, it would never happen even in Melbourne or
Sydney.

It's taken Datong a long time to setup that sales office and now they have finally set it up
they are now suddenly saying that construction has started. I don't believe it for one minute.

[EBG]

Its official Jay and some other important people were all on site with their spades playing in a heap of dirt and on TV news tonight. You can't get any more official than that.

[UrbanSG]

http://www.afr.com/real-estate/datong-b ... 408-1mg0s0

Datong begins work on delayed Adelaide CBD tower
by Simon Evans

It's been a long haul for Chinese developer Datong, but construction on a $70 million, 25-storey apartment complex in the Adelaide CBD, called U2 on Waymouth, has finally begun as it also heads towards completion of a separate 12-storey apartment complex on nearby Gouger Street.

The Datong project at 116 Waymouth Street is smaller than the original $140 million office and residential apartment earmarked for the site, but will still comprise 257 apartments ranging from studios with fold-down beds, to three-bedroom penthouse apartments.

Datong announced an ambitious string of projects a few years ago in Adelaide which also included the proposed 123 Flinders Street apartment complex which would have been Adelaide's tallest building at 39 storeys. But in 2012, Datong put that $120 million project on ice to concentrate on the smaller Aria on Gouger residential apartment project, which will be finished by early May and where 60 per cent of the 93 apartments are sold, and on U2 on Waymouth.

Datong Australia chairman Jin Liang said the U2 on Waymouth complex would be an attractive proposition for parents of international students studying at the two city-based universities, the University of Adelaide and the University of South Australia and reinforce the city's appeal as "an education destination".

It would also be appealing to first-home buyers, investors and business travellers.

The one-bedroom apartments are being offered for sale from $298,000, while the three-bedroom apartments have a price tag starting at $597,000. Mr Liang said there was also the option to acquire two adjoining apartments under one title which the developers are marketing as a "dual-key title". This gave a buyer the choice of renting one out and living in the other.

The U2 on Waymouth building will also have an open-air rooftop cinema on the top floor along with a garden, fitness studio and indoor and outdoor lounges. One of the main target markets is Chinese buyers, with the company also outlining the virtues of being so close to a renowned fresh-produce haven, Adelaide Central Market, and nearby Chinatown. Construction is earmarked to be finished by the end of 2017.

The U2 on Waymouth complex is one of several other residential apartment buildings either about to start construction or part-way through in Adelaide. The Vue development at the southern end of King William Street, close to Adelaide's south parklands, is a 205-apartment complex in the midst of construction. Melbourne-based developers Asian Pacific Group, headed by chief executive Will Deague, and Adelaide-based Starfish Developments are behind the 27-storey Vue development, which will be Adelaide's tallest residential building.

Also on the drawing boards by a separate consortium of developers is an ambitious $100 million-plus project called Eclipse which would be 29 storeys high and located on a 1530 square metre block on the narrow Austin Street, which lies between the stately North Terrace and the CBD's main retail strip, Rundle Mall.

[Pikey]

I think you'll find that the showroom isn't on the eventual footprint of the building. Have a look again at the fenced off area, I wouldn't be surprised if preliminary earthworks have indeed commenced.

[ghs]

I don't want to be negative, but can someone please provide details of the construction work
which has commenced ?

[AdelaideGold]

https://m.youtube.com/watch?v=ycXpSgSK6lk

[crawf]

Double the city population by 2020?... Lol

It would be nice.