(Source: Guangzhou property market release)
A project that was once known as "the first TOD hub complex in China" and was highly valued by local governments, after a long design and construction road of 9 years, has brought new developments after announcing asset restructuring.
Recently, the cumulative amount of contract disputes executed by Kedal has exceeded 2 million yuan, and there have been as many as 42 cases of contract disputes. The thunder buried by the withdrawal of more than 100 merchants is still fermenting...
In 2022, the ill-fated Kaidar was hit hard again.
According to the latest statistics of Tianyancha, Guangzhou Kaidal Investment Co., Ltd. has been executed in 8 cases due to contract disputes, and the total amount has exceeded 2 million yuan.
Among the 8 cases, there were 7 housing lease contract disputes, ranging from 40,000 to 350,000 yuan; the other was a commercial housing reservation contract dispute, which was also the highest amount, close to 750,000 yuan.
Image source: Sky Eye Check
In fact, in addition to the above 8 cases that have been executed, the lease contract disputes and commercial housing reservation disputes of the Kedal project have been gushing out since 2019, with as many as 42 cases.
In 2021, there were as many as 24 cases during the peak period of the outbreak, and there were 7 cases in the past half a month or so in 2022, which were mainly based on disputes over housing lease contracts.
From the perspective of the plaintiffs in these disputes, the formats involved are relatively wide, including decoration, small loans, catering, cosmetics, sporting goods, etc.
Source: Sky Eye Check Source: Sky Eye Check
Although most of these lawsuits are contract disputes, they are mostly related to housing leases, or the continuous fermentation of businesses' rent withdrawals.
For real estate companies, it is not surprising that the above risks can be said to be commonplace. But for consumers, it is a time and again consumption of confidence.
According to the project official micro disclosure, the total number of housing in the Kaidal Hub International Plaza project is about 2020 units, SOHO space and office buildings can be sold, of which the commercial and hotel plans to operate on their own, without mentioning the sales dematerialization situation, only emphasizing that "it is steadily advancing".
Commercial leaseback is mainly the self-sustaining part of the project, and then we may wish to review the situation of the project business.
In September 2020, according to the public account of Kedal, the Kedal TOD commercial podium has completed the first fire acceptance work, and has introduced 15 well-known brands such as Red Star Macalline Cinema, KFC, and Starbucks.
In June 2021, in response to the message board's question about whether Kaidar Plaza was ruined due to financial problems, the east and west towers of the Kaidar Hub International Plaza project had been capped, the curtain wall as a whole was more than 95% complete, the landscape project was about 96% complete, and the project was not completed.
At the same time, the opening time of the project has also been delayed. The opening date was postponed from March 2020 to mid-2021, and then to May 2022. And according to the progress of the project, the opening of the project in May next year may not be as desired.
On July 7, 2021, Times Finance broke the news that More than 100 merchants in Kaidal had withdrawn their leases, making this already difficult project even worse.
The number of Kedar's dematerializations, even a fraction of someone else's, is indeed a big surprise.
From the data, since 2019, 712 sets of Kaidar commercial products have been approved for listing, and 165 sets have been signed online in more than two years, and the dematerialization rate is only 22%.
In November 2021, a "Letter to The Owner" issued by Guangzhou Kaidal was circulated on the Internet, and stressed: "The Guangzhou Municipal Government attaches great importance to and supports the restructuring of the project, and is actively coordinating to promote the restructuring and operation of the municipal state-owned enterprises to join the project." He also said that "the project will definitely resume construction as soon as possible and complete the delivery as soon as possible." ”
As for who is the "municipal state-owned enterprise" referred to in the article, the yuexiu yunyao built next to the same municipal state-owned enterprise "Yuexiu Real Estate" is already under construction, and will Yuexiu Real Estate, which is also a TOD professional household, join it? After that, we will continue to pay attention to and report for you.
As the first TOD transportation hub benchmarking project in China, Kaidar has always had its own aura.
Kedal Hub International Plaza consists of two towers in the east and west, an eight-storey podium, and a four-story basement, with the 36th floor of the Middle Tower about 200 meters high and the 46th floor of the West Tower about 260 meters high.
The project is planned as a large-scale complex integrating office buildings, hotels and shopping malls, and integrates the intersection of 9 tracks of high-speed rail, subway and intercity rail.
Once these formats are completed and linked, the development space is still considerable.
Moreover, in the early Xintang area, large commercial shopping malls were once scarce. The 10 commercial floors planned by Kedal, with a commercial area of about 110,000 square meters, have become the main selling points of Xintang's major projects for many years.
The script of the Kedal Hub Complex was relatively cutting-edge at the time, but unfortunately, the twists and turns of the project have gradually worn away the confidence of the market.
Moreover, due to its lack of experience in the construction of large-scale commercial entities, the departure of partners, unfavorable sales, deep disputes, epidemics and other factors superimposed together, it is not surprising that Kaidar Plaza has come to this step today.
What are your thoughts on whether the ill-fated Kedal can be restructured successfully?