Tag Archives: London

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

More Asians buying luxury homes in the West

Capital flight from emerging economies to safe haven destinations have caused prime property values to shoot up in the West.

Prime property values in London for instance, are now around 3,000 pounds per square foot – levels seen before the 2008 financial crisis.

And the sentiment on London’s properties hardly moved even as the government raised stamp duties on luxury homes.

Fancy living in the same neighbourhood as Lady Gaga? Some investors in Hong Kong have shelled out more than 8 million pounds for that privilege.

They have snapped up apartment units in a new development called Fitzroy Place, located in London’s Fitzrovia district.

According to its developer Exemplar Properties, the price range for a unit at Fitzroy Place is between 605,000 pounds and 8.5 million pounds.

The mixed-use development comprises 237 private apartments and 200,000 sq ft of prime office space. Exemplar said UK buyers will probably take up 50 per cent of units at Fitzroy Place, followed by East Asians, with 15 to 20 per cent.

Exemplar Properties is now in Singapore, on the second leg of its Asian roadshow.

Daniel Van Gelder, co-founder of Exemplar Properties, said: “The first allocation was sold out within three days in Hong Kong, so now we’re here in Singapore with a second allocation and already interest from Singaporean buyers have been huge – some twenty units have been sold ahead of the exhibition.”

Private bankers said Asia’s super-rich is buying more luxury homes in the West, as they face punitive property taxes in their own backyards.

According to a report by Citi Private Bank and Knight Frank, that has driven prime property values up 12 per cent in London over the last year, while prices fell 3.4 per cent in Shanghai and close to five per cent in Singapore.

Tim Bowring, Managing Director and Regional Head of Global Real Estate Investments at Citi Private Bank, said: “From Asian clients we’ve seen over the last 18 months an increase in investor demand in the UK for both commercial and residential markets… They’re buying for capital growth and as a safe haven.”

The pound is trading at historically low levels to Asian currencies like the Singapore dollar, and that has also boosted buying from investors looking for a bargain.

Charles Leigh, Senior Director with CBRE London, said: “When I, with pound sterling, walk into an estate agency, I’m probably paying about 10 per cent more than I was at the peak. When somebody walks into an estate agency from Southeast Asia – with for example, Singapore dollars – they’re paying 40 per cent cheaper.”

Although the UK authorities increased stamp duty by two per cent for properties above the two million pound mark, analysts said prices of central London properties will remain steady because of the tight supply in London.

They added that investors are also looking at buying distressed commercial properties in London and Europe on the cheap.

Mr Bowring added: “I certainly foresee over the next 18-24 months, that the market will grow, and more of that distress, because we have a lot of properties where debt is take up three or four years ago, which are now coming up for renewal of their debt terms, that are probably underwater.”

Source: CNA – 10 May 2012