Buildings and project developments in Singapore are sprouting at a rather incredible rate and they are usually completed on schedule or without lengthy delays.
However, this is not the case in some parts of the world as some buildings are never fully realised due to financial obstacles, political pressures or cultural shifts, according to the Council on Tall Buildings and Urban Habitat (CTBUH) and The Terrace EC.
The Terrace EC Construction
In its recent report, the council revealed some of the building in the world with the longest construction period from 1985 to date. Deficiency of sales and profits in the luxury home section might very quickly end as a variety of ultra-rich buyers now are starting to check the sector for bulk purchases of underpriced high-end residential units along with potential for long-term capital appreciation for The Terrace EC in Punggol.
With almost three decades since it was first built, the Ryugyong Hotel in North Korea took the top spot. Works on the building started in 1987, and it had to be shelved several times due to economic reasons. According to media reports, the pyramid-shaped hotel was finally ready to open its doors in 2013. However, it was deferred once again and the hotel remains unfinished. September’s Built-To-Order (BTO) exercise did not result in surge in desire for two or three-room flats located in non-mature locations, even considering that the government had empowered current flat owners purchasing these houses to pay lower down payment for The Terrace EC.
EC Construction of The Terrace EC
The second building on the list is the Plaza Rakyat (pictured) in Kuala Lumpur which has been left abandoned after its developer faced financial difficulties during the 1997 Asian financial crisis.
According to media reports, there have been several attempts to revive the project, and recently, the Kuala Lumpur City Hall is said to have taken vacant possession of the site.