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I think you're thinking of "Atmosphere", which is another project under receivership.
Looking at Thind's website and track record, it sounds to me another case of overseas builders who think they can approach the same project management and negotiation tactics from their home countries (e.g. India, China, etc...) to cut costs and corners.
A colleague of mine says he knew the Thind brothers and they actually haven’t been directly involved for quite some time? A Chinese buyer purchased the company and seemingly drove it into the ground?
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Dank memes cant melt steel beams
A colleague of mine says he knew the Thind brothers and they actually haven’t been directly involved for quite some time? A Chinese buyer purchased the company and seemingly drove it into the ground?
I don't think that's true. He might have had partners but he was the sole owner.
Owes over 300 mill. Amazing he only came to Canada in 93. Built one house and saw how much money was made and expanded. He also got into making Punjabi movies/music about 5 years back.
I wonder if he's gonna go back to India to farm now? Lots of people dead for owing much less. I wonder what's gonna happen to all the presales, there was that guy in Ontario that killed a builder? Or the mortgage broker I forgot what that scammed him for a million.
Owes over 300 mill. Amazing he only came to Canada in 93. Built one house and saw how much money was made and expanded. He also got into making Punjabi movies/music about 5 years back.
The Toronto condo market reportedly has about 8 months of inventory, while Surrey sits at around 7 months. It's fair to say the condo market across Canada is struggling. Who’s going to buy all these tiny, overpriced units with fewer Chinese buyers and over a million temporary workers set to be deported next year? It’s looking increasingly likely we’re headed for a recession.
A major Metro Vancouver real estate developer has been accused in court by a mortgage lender of having “misappropriated” millions of dollars, including tax money that allegedly should have gone to the Canada Revenue Agency.
Owes over 300 mill. Amazing he only came to Canada in 93. Built one house and saw how much money was made and expanded. He also got into making Punjabi movies/music about 5 years back.
I wonder how many contractors they'll bankrupt as well? I've seen this story before, all the sudden your draw gets pushed, they keep telling you money's coming you keep working and paying your guys because if you don't and they bring someone else in you're even further fucked only to spend more money until finally you get told, yeah sorry about that you're getting nothing. You're on the hook for all the materials you haven't been paid for, your hold back and all the labour you've paid since whenever you had an invoice that was paid.
Then you lawyer up, spend even more money, get in the lien line and hope there are crumbs left at the end but there usually isn't.
I remember when that building on 104th in Surrey that's still empty went tits up the second time, Reliable equipment had a bunch of boom lifts and shit inside and they had fenced it off because the bankruptcy and wouldn't let them on site to retrieve their rented out equipment. They ended up bringing a crane and grabbing the lifts from off the property, possession is 9/10's of the law after all.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
I smell a lot of foul play here. It's not just a market shift thing.
A case that I had personally witnessed followed a similar MO.
Find a property, take out a crap load amount of loan while putting very little money of their own, announce a project, take a crap load of deposits (more than enough to cover the little capital they actually put in), borrow more money for "construction" and "materials" and then disappear.
In this case that I witnessed, this scumbag developer probably made well over 60M from the loans alone. And worse... it was later found that he got some serious kickback from land sellers (land selling for 10M? I will give you 30 but you give me back 18).
This is all really what’s wrong with the world, albeit at least with Vancouver real estate you can probably recoup some of the money by selling the property
But some shitty developer buys up all this land, leverages it and leverages it and then all of a sudden defaults on everything? So money that was never really there to begin just vanishes? Nice system
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Dank memes cant melt steel beams
Westbank seems to be teetering as well. They have too many high value projects and not enough Asian buyers to secure the presales. The Oakridge project is a perfect example. In my opinion, it seemed overly optimistic from the start and might end up being a bust. I can’t imagine any locals affording $3,000 per sq ft for a studio apartment.
Westbank seems to be teetering as well. They have too many high value projects and not enough Asian buyers to secure the presales. The Oakridge project is a perfect example. In my opinion, it seemed overly optimistic from the start and might end up being a bust. I can’t imagine any locals affording $3,000 per sq ft for a studio apartment.
Also doesn’t help when they have Layla Yang as one of their “vip” realtors
I wonder how many contractors they'll bankrupt as well? I've seen this story before, all the sudden your draw gets pushed, they keep telling you money's coming you keep working and paying your guys because if you don't and they bring someone else in you're even further fucked only to spend more money until finally you get told, yeah sorry about that you're getting nothing. You're on the hook for all the materials you haven't been paid for, your hold back and all the labour you've paid since whenever you had an invoice that was paid.
Then you lawyer up, spend even more money, get in the lien line and hope there are crumbs left at the end but there usually isn't.
I remember when that building on 104th in Surrey that's still empty went tits up the second time, Reliable equipment had a bunch of boom lifts and shit inside and they had fenced it off because the bankruptcy and wouldn't let them on site to retrieve their rented out equipment. They ended up bringing a crane and grabbing the lifts from off the property, possession is 9/10's of the law after all.
From a CBC article:
In a claim filed at the end of October, Jab Contracting claims Thind owes the company nearly $1.7 million on a contract worth more than $4.5 million for the installation of steel stud and drywall systems at the Highline.
Last month, a B.C. Supreme Court judge issued a default order for $17,071 after a crane operator filed a small claims lawsuit over work done at the Highline building. Another small claims lawsuit filed in September over a $16,000 fire safety plan for the Highline is still outstanding.
The developers behind the Highline have also not responded to a lawsuit filed last April by a company claiming nearly $600,000 for the "supply of electrical work and materials" for the Highline development.
A realtor is suing for $800k of unpaid commissions as well.
Bloomberg) --Real estate manager KingSett Capital Inc. suspended payments to investors in a large Canadian property fund, saying it needs to hoard cash as it deals with the consequences of the sector’s long slump.
The Toronto-based firm said holders of the KingSett Canadian Real Estate Income Fund won’t get any income distributions for the next year, nor will they be able to redeem their units. The private fund has a gross asset value of C$4.9 billion ($3.5 billion), which includes major office properties across Canada.
I barely can afford my home, even say i'm 20 yrs older and have income, for me to fork out another 900k to build LOL even if htat's possible, then to wait for rent to come in to pay off... is it really worth it...??
Building for the purpose of becoming a landlord ain't worth it. I'm overbudget and the market for renters is cold or you have people wanting to shove 4 people in a 2 bedroom place. Been dropping my asking and the price of living in a 2bed 1bath is pretty much the same for anything between Vancouver and Surrey. Should have thrown the money into the S&P500 instead.
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