Monday, June 27, 2011

Progress on the Ryugyong Hotel

An article showed up yesterday on the "All That Is Interesting" website, with a photograph of what appears to be the near completion of the Ryugyong Hotel's curtain wall. Not easy to substantiate but, I don't think there is much point to any skepticism as there has been a trickle of images and reports showing progress on this giant, mysterious phantom over the past few years.


photo from: All That Is Interesting website.

As a Catabolist, I have naturally been intrigued by this structure and have been following the transformation since the Egypt's Orascom Group took over its construction in 2008 in a deal with the North Korean government that would guarantee the completion of what had been dubbed in the West as the "Hotel of Doom", among other things, and gave Orascom Telecom Holding S.A.E. the rights build and run a "consumer" 3G cell phone network and possibly a foreign-invested banking facility in the impoverished country.

Reports that Orascom, through its construction arm, Orascom Construction Industries, would initiate this investment in North Korea by building a modern concrete manufacturing facility outside Pyonyang and re-initiate the construction efforts after some 16 years, led to a meeting with Orascom Group's chairman Naguib Sawaris in 2008.

My meeting with Sawaris, who is stepping down from chairmanship of Orascom to pursue more direct ambitions within Egypt’s evolving political climate, was meant to spark interest in developing the project’s documentation. The idea was met with muted enthusiasm by Sawaris and his public relations people. Muted I say because yes, what great PR this would spark for his multi-billion dollar concern, doing what they do best – entering into risky developing countries with a 3-prong solution - develop industry, real estate and communications and what better place to showcase their vision than within such a challenging climate as North Korea. Not only for Orascom but for the North Koreans as well, in a potentially game-changing dive into transparency and openness…

Speaking of barriers to entry!

Well, I consider this one of my greatest failures as a Catabolist - not having been successful in knocking down the plethora of barriers and gaining some sort of access to the structure. I had been haunted and consumed by visions of what it would be like in the dark, empty corridors. The thousands of crumbling cement portals looking out onto Pyongyang’s streets and surrounding hills.

Well, it looks like Orascom is on track to finish the building next year, in time to commemorate the anniversary of the birth of Kim Il-sung, whose spirit is most certainly lurking around Ryugyong’s corridors.

Below is the brief article from “All That Is Interesting” as well as some more detailed accounts of the hotel, deal and overall project.

http://www.atimes.com/atimes/Korea/JL23Dg01.html
http://ryugyonghotel.com/
http://en.wikipedia.org/wiki/Ryugyong_Hotel


The Transformation Of The World’s Worst Building

http://all-that-is-interesting.com/post/6938332046/the-transformation-of-the-worlds-worst-building

Ryugyong Hotel is a 105-story skyscraper in downtown Pyongyang, North Korea renowned for once being dubbed the “World’s Worst Building” after having remained hallow for over 20 years. Construction began in earnest in 1987 and, if it had been completed as schedule in June 1989, would have been the tallest hotel building and the 17th tallest building in the world.However, Ryugyong Hotel was not completed in June 1989. After the crumbling of the Communist bloc and the deterioration of the North Korean economy, construction halted after the outside of the hotel was complete. What remained for almost 2 decades was a window-less, empty shell of the hotel in the middle of Pyongyang, which media outlets called “The Worst Building in the World”,”Hotel of Doom” and “Phantom Hotel”. Below, one can see how the Ryugyong Hotel stood for these years:





photos from: All That Is Interesting website.

However, in 2008 construction resumed after Orascom — an Egyptian cell phone company — was given the rights to the hotel. After 3 years, the exterior of the hotel is now finished, with work progressing on the interior for a planned completion date in 2012.

Saturday, June 25, 2011

Battersea Power Station London : Rafael Viñoly Scheme


photo: from eArchitect website

Location: Wandsworth, west London15 Feb 2011

Battersea Power Station Redevelopment Approval

The £5.5bn redevelopment of Battersea Power Station has cleared the final regulatory hurdle after Eric Pickles, the Communities Secretary, gave the scheme the green light.The decision means Treasury Holdings, the developer, could start construction in 2012. However, Treasury first needs to secure a capital injection to finance the project. Rob Tincknell, managing director of Treasury, said talks with potential joint venture partners were "productive".The power station is one of London's most recognisable landmarks but has lain dormant since 1983 despite attempts by a collection of owners to develop it. Treasury's proposals comprise 10m sqft of offices, shops and 3,400 homes. However, the Irish-backed developer must also agree financing terms on a £600m extension to the London Underground. First phase architects were named as Ian Simpson Architects and dRMM.12 Nov 2010

Full project profile and images at eArchitect: http://www.e-architect.co.uk/london/battersea_power_station.htm

Is this Structural Catabolism? - Battersea Power Station reimagined as Transformer

Battersea Power Station reimagined as Transformer

http://www.thisislocallondon.co.uk/news/9105089.Power_station_transformed_into_popular_cartoon_robot/

12:00pm Saturday 25th June 2011

It is one of London's most iconic landmarks - and now Battersea Power Station has been reimagined as a character in a classic children's cartoon.

A Transformers artist has brought the station to life in the form of one of the popular robots.

Taking inspiration from the famous architecture, the artist - from toy-maker Hasbro - has worked to create a quirky likeness of this treasured national landmark.

The image has been released to celebrate the launch of the new Transformers: Dark of the Moon game from Activision, which was released on Friday (June 24).

Friday, June 24, 2011

REO To Move Forward With Battersea Power Station Project


photo © Nick Weall

http://online.wsj.com/article/BT-CO-20110623-704303.html

By Sonya Flechon
Of DOW JONES NEWSWIRES
JUNE 23, 2011, 6:59 A.M. ET

LONDON (Dow Jones)--Real Estate Opportunities PLC (REO.LN), which invests in Irish and U.K. property, Thursday said it had completed a restructuring program, releasing funding for its long-delayed multibillion-pound redevelopment of London's iconic Battersea Power Station.

REO invested heavily in the Irish housing market during the property boom and was left deeply in debt after the collapse of the market there in 2008. Throughout the last fiscal year, it's been struggling to restructure its portfolio with the help of the National Asset Management Agency, set up by the Irish government to deal with risky loans threatening the banking industry.

Now its reoganization is complete, REO is showing signs of stability. Debt is expected to fall to GBP1.5 billion from GBP1.73 billion at the end of February and the company has reduced its losses after tax to GBP77 million from GBP828 million last year.

In Ireland, where REO remains one of the largest property investors, the company has acquired both long-term income cash flow and short-term funding, enabling it to continue making progress on its Irish portfolio. Recent examples include the sale to Google Inc. (GOOG) of a building in Dublin.

In the U.K., the main focus is on the Battersea Power Station project. In May, REO issued over 111 million shares to help fund the project, which has been delayed since 2007. Recent currency movements have also boosted the project as, when currencies such as the euro weaken, investors turn to stronger ones including sterling and, according to REO's director Rob Tincknell, that offers the "opportunity to sink quite a bit of cash into one project."

Plans include reusing the facility as a power station, fueled by biomass and waste, as well as developing housing, office and retail units. The construction has suffered from REO's debt situation but is still on track to begin in 2012.

REO's Tincknell said the situation is "complex, and could turn into a consortium." The next step involves choosing equity partners among a list of potential investors and it expects to have one on board by the end of the year, possibly from the Middle East.

The company reported a fall in property income to GBP34 million from GBP44 million for the 14 months ended in February 2010 and the value of its property portfolio, which amounts to GBP1 billion, has decreased by 8.5%.

"While there are satisfactory underlying trends with the operating performance, challenges do of course remain," said Chairman Rob Horney. "There remains the significant task, in a difficult trading environment, of realising or refinancing assets in order to repay the liabilities owed to NAMA and other creditors."

By Sonya Flechon, Dow Jones Newswires; 44-20-7842-9295; sonya.flechon@dowjones.com