Two drilling rigs now dismantled and excavation has begun!

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Interestingly, Urbanation report lists this project at only 32% sold, but apparently sales only opened in February?
 
^It seems they put that just for 'The Prestige'. Possible that Pinnacle is doing this somewhat without financing/on spec I guess.
 
or had a limited initial release of suites. Lots of different possibilities here.

Pinnacle is also known to be one of the few developers capable of starting before 70% sales.
 
Urban-Affair said:
Interestingly, Urbanation report lists this project at only 32% sold, but apparently sales only opened in February?
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not surprising. when I went the show room was a ghost town compared to other ones where the line wraps around the building a couple of times.

where did you find this report? and the sales lady did say Pinnacle has deep pockets, can start the project without selling out. All units were for sale except the top 4 floors. again i am quoting the pinnacle rep, she said phase 2 will start in 2022 after phase 1 is complete. So that 32% seems like it is only accounting for the Prestige and not the whole project because you can't count what you haven't start selling yet
 
It's interesting, I wonder what Pinnacle's plan is here.

I'm guessing their reasoning behind building the shortest tower first is that it has the largest podium (and therefore stores/community centre/etc), and therefore the area will be more attractive to purchasers when phases 2 (the big momma) and phase 3 launch. In that sense, I suppose they're content with starting phase 1 before selling out, because really it's about developing the area for phases 2 and 3 (which might also explain why they're selling phase 1 at $1200+/sqft, which seems high, but they can sell it at a high price if they don't need the money ASAP). If that's the case, I'm kind of surprised they're not building the commercial portion of this development (the south lot) ASAP as well. Seems like it'd be relatively easy (in that it wouldn't interfere much with the construction of the condos) and yet would allow the area to become more developed.

Anyways, just some thoughts. Excited to see this development go up, wish it could all be done with the snap of a finger!
 
dracolnyte said:
not surprising. when I went the show room was a ghost town compared to other ones where the line wraps around the building a couple of times.

where did you find this report? and the sales lady did say Pinnacle has deep pockets, can start the project without selling out. All units were for sale except the top 4 floors. again i am quoting the pinnacle rep, she said phase 2 will start in 2022 after phase 1 is complete. So that 32% seems like it is only accounting for the Prestige and not the whole project because you can't count what you haven't start selling yet
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I found it on Urbanation/Marsh Report, which is an online service you can purchase if so inclined. It's similar to realnet for sales, but also has a projects section that updates with information regarding sale levels, unit counts etc.
 
The units
dracolnyte said:
not surprising. when I went the show room was a ghost town compared to other ones where the line wraps around the building a couple of times.

where did you find this report? and the sales lady did say Pinnacle has deep pockets, can start the project without selling out. All units were for sale except the top 4 floors. again i am quoting the pinnacle rep, she said phase 2 will start in 2022 after phase 1 is complete. So that 32% seems like it is only accounting for the Prestige and not the whole project because you can't count what you haven't start selling yet
Click to expand...

The units are small and very expensive. It appears to be aimed at investors but they will need pretty high rent to make investing feasible.
 
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