Category Archives: General

Eiffel or eyesore? London’s Orbit tower completed

The ArcelorMittal Orbit sculpture before its official unveiling at the Olympic Park, London.

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LONDON – Critics say it looks like a roller coaster gone badly awry. Fans say it is a landmark to rival the Eiffel Tower.

London got a towering new venue today, as authorities announced completion of the Orbit, a 115-metre looped and twisting steel tower beside London’s new Olympic Stadium that will give visitors panoramic views over the city.

Some critics have called the ruby-red lattice of tubular steel an eyesore. British tabloids have labeled it “the Eye-ful Tower”, “the Godzilla of public art” and worse.

But artist Anish Kapoor and engineer Cecil Balmond, who designed the tower, find it beautiful.

Mr Belmond, who described the looping structure as “a curve in space”, said he thought people would be won over by it.

“St Paul’s (Cathedral) was hated when it was begun,” he said. “Everyone wanted a spire” – but now the great church’s dome is universally loved.

He said if a groundbreaking structure works “it starts to do something to you and your concept of beauty changes”.

Mr Kapoor noted that Paris’s iconic Eiffel Tower was considered “the most tremendously ugly object” by many when it was first built.

“There will be those who love it and those who hate it, and that’s OK,” Mr Kapoor said of the tower, whose full name is the ArcelorMittal Orbit, after the steel company that stumped up most of the £22.7 million (S$45.7 million) pound cost.

“I think it’s awkward,” Mr Kapoor said – considering that a compliment. “It has its elbows sticking out in a way. … It refuses to be an emblem.”

A little awkwardness is to be expected when you ask an artist to design a building. Mr Kapoor, a past winner of art’s prestigious Turner Prize, is known for large-scale installations like “Marsyas” – a giant blood-red PVC membrane that was displayed at London’s Tate Modern in 2002 – and “The Bean”, a 110-tonne stainless steel sculpture in Chicago’s Millennium Park.

Even for him, though, the scale of the Orbit is monumental.

He says the structure can only truly be appreciated from inside – something most of the public will not have the chance to do until 2014, when it reopens as the centrepiece of a brand-new park on the site of the 2012 London Olympic Park.

Before that, it will be open to ticketholders for this summer’s Olympic and Paralympic Games, whop can ride the elevator to the top at a cost of £15.

Mr Kapoor said visitors would enter a “dark and heavy” steel canopy at base before emerging into the light high above ground, where a wraparound viewing deck and a pair of huge concave mirrors create “a kind of observatory, looking out at London”.

“It’s as if one is in an instrument for looking,” Mr Kapoor said.

London Olympic organisers hope the Orbit, which can accommodate up to 5,000 visitors a day, will become a major tourist attraction.

It is, they note proudly, the tallest sculpture in Europe – and 22 metres higher than the Statue of Liberty. On a clear day, views from its observation deck extend for 32 kilometres across London and the green hills beyond.

The tower will be at the heart of a new 227-hectare park, the Queen Elizabeth Olympic Park, that will include a lush river valley, biking trails and a tree-lined promenade. It is due to open in stages starting in July next year and finishing in early 2014.

London Mayor Boris Johnson takes credit for pitching the idea of a tower to steel baron Lakshmi Mittal at the World Economic Forum in Switzerland in 2009. He is a huge fan of the finished product.

“It is a genuine Kapoor,” Mr Johnson said. “It has all the enigmatic qualities of some of his great pieces.”

And he believes other Londoners will come to love it, too.

“I think so,” he said, then paused. “In the end.” AP

Source: Today – 11 May 2012

The private home buyer’s journey

Private home buying interest has remained significant despite the Government imposing five rounds of market cooling measures in the past two-and-a-half years, with sales of suburban condominiums remaining buoyant even as prices scale new heights.

The proliferation of shoebox apartments has also meant that more are able to embark upon their personal quest for a dream property. Indeed, the surge in supply of these small units in recent years has been met by overwhelming buyer response.

Whether it is an individual home buyer or joint property investors or families going for a better quality of life by upgrading from HDB flats, there is often a strong motivation for targeting that favourite property.

For investors, the motivation is more direct – perceived financial returns. Investors generally are seasoned property players, although there will be the new investors. The newbies, together with single owners of small apartments as well as some HDB upgraders, may have been primed for the purchase by various factors. They will find that the quest can be both exciting and stressful.

Precursors to buying intention

The majority who embark on buying private property decisions have been roused in some way.

For some, such awakening may have come from seeing their peers profiting through property investments and speculation. For some singles who buy shoebox apartments, it may stem from a desire for independence, to live apart from their families. There may also be those who have visited friends who live in private homes and are inspired to own one as soon as possible.

Daily leisure activities may also have shaped one’s desire to buy a property. In addition to fanciful show flats, shopping can also conjure up a liking towards property. With the arrival of many mega malls and big-box retail stores that present a convenient array of exciting offerings, the leisure shopper is spoiled for choice.

Home design concept stores, furniture chains and boutiques showcase all kinds of DIY offerings or professional services to consumers, some of whom are planning to own a home. And for those on tight budgets, buying a smaller or far-flung property will become more of an urgency.

Ready to take the plunge

Upon setting his or her mind on buying a home, the property seeker will likely use different means to source, compare and affirm the property choices. Most property seekers will validate these through studying and understanding district development plans, consulting friends in property and mortgage-related trades to ascertain the property’s potential and financing requirements.

The process will be both intensive but exhilarating for the earnest buyer, particularly for one with limited investment background who gets to understand many property and financial concepts.

The recent months have seen tremendous sales perks from developers – in the form of rebates or discounts from listed prices. Such schemes are surely attractive for those who have already tuned themselves psychologically into the mode of buying. The quest for private homes has also extended from developer sales to the resale market recently.

Real journey begins after buying

Buyers who have concluded their house hunting and purchase will be most excited to share the journey with peers. But it must be noted that while the property hunt is thrilling, the actual journey begins after one commits to a purchase.

The real benefits and the financing requirements will go hand-in-hand, depending on prevailing market conditions and whether the rental income is sufficient to meet the mortgage payments and other expenses. These have probably been downplayed in today’s context of an increasing desire for wealth opportunities and higher risk thresholds.

The current thinking is that given the large number of uncertainties, whether economic or supply-led fluctuations or possible policy calibrations, a buyer should not think too far but enjoy the direct benefits of owning the property. Since there are so many uncertainties, it is “the journey that counts rather than the destination”.

The past decade has seen the prevalence of “specu-vestors”, but since the harsh additional seller’s stamp duty of last December, speculation has become a thing of the past.

Most investors are now also thinking of owner-occupation should the property not be able to be rented out, hence creating another group that can be called “investor-piers”. That’s also a major property-owning mindset for many shoebox apartment buyers.

While the destination may not count as much as the journey, if the buyer enters the market at the wrong time or overestimates his long-term financing capacity, the journey will be a long and difficult one.

By Ong Kah Seng – director at R’ST Research, an independent property market research company in Singapore.

Source : Today – 11 May 2012