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The Masked Tulip

£80M Sa1 Housing Plan Put On Hold As Downturn Bites Hard

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AN £80 MILLION Swansea housing scheme has been put on hold.

The Harbour Square development would have seen the creation of 406 apartments in the city's SA1 district.

The scheme was due to cover a 2.7 acre site sold by the Welsh Assembly to South Korean property company CoDA, which was first revealed by the Post in March 2007.

The Assembly issued a press release in October 2007 stating that work was due to begin at Harbour Square "in the new year" (meaning 2008).

Construction of the houses was expected to have created around 400 jobs and become a catalyst for more investment.

Work was predicted to last around three years which would have meant the site should now be completed.

But now the Assembly has confirmed the project, which is yet to start, has been temporarily put on hold.

An Assembly spokeswoman said: "The South Korean company has acquired the site on SA1, but the development, like many other proposed residential apartments throughout the UK, is temporarily on hold and work is anticipated to commence when market conditions improve and funding from banks becomes more readily available."

At the time the scheme was announced CoDA chief executive Hoshik Chi said: "The market in Swansea is dynamic and bouyant and I have been most impressed by the city and the surrounding area."

Harbour Square would have been CoDA's first investment in the UK.

In 2007 the company was working on a large scale commercial and residential redevelopment project in Seattle.

It was also developing a 3,000 seat international conference centre and 8,000,000 sq ft International Logistics Centre in preparation for the 2008 Beijing Olympics.

Andrew Petherick, manager of the Village Hotel which opened in SA1 in 2007, said he had hoped for more rapid development of the area.

He said: "It is a shame but also understandable. I think economic factors have impacted on everybody.

"When we came along we were hoping for more of a rapid development of the site."

Swansea Council leader Chris Holley said he was disappointed but not surprised to hear the Harbour Square development has been put on hold.

"I think with the way the financial situation is at the moment it will be an awful long time before anything like a pure development of apartments is built anywhere."

Full article at:

http://www.thisissouthwales.co.uk/news/163-80m-SA1-housing-plan-hold-downturn-bites-hard/article-3057336-detail/article.html

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Is Swansea classed as an unemployment blackspot?

We're not so lucky on the Isle of Wight, we have an 800 home Barratts development underway 'Pan Meadows' . On an Island which is expensive to get to and from and is an unemployment blackspot.

Who are the developers of the halted development?

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My reading of this article is that the development was put on hold a few years back and that this annoucement is, in my personal view, just confirmation that it is not going to happen for a long time if at all.

Says a lot about the local housing market I guess.

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My reading of this article is that the development was put on hold a few years back and that this annoucement is, in my personal view, just confirmation that it is not going to happen for a long time if at all.

Says a lot about the local housing market I guess.

Sounds like our local SEEDA development down the road. On paper sounds epic, reality is another matter. After years of seeing what has happened all we have is Admirals Point (see other posts) and a Waitrose.

Ones falling down, the other is empty of custom.

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It might say alot about the local market. But it's a pity it isn't going ahead. The government should put in place some funding so the construction industry doesn't suffer, and get these projects started and finished. Would do wonders for the supply side of the housing market. Here you go ... 406 more slave boxes/investment opportunities for people to bid for.

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It might say alot about the local market. But it's a pity it isn't going ahead. The government should put in place some funding so the construction industry doesn't suffer, and get these projects started and finished. Would do wonders for the supply side of the housing market. Here you go ... 406 more slave boxes/investment opportunities for people to bid for.

I agree, building should be completed once planning approved, and finished meaning finished and not a few bricks chucked on site so they can say its started, then leave it for years.

I say build everywhere whatever they can so we have total saturation, pushing the prices down further.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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