Is Japan is why?! .. when it comes to real estate development!

Like many things you will never understand about Japan .. any where there is no open excavation or unfinished ugly old high rise towers .. waiting for code changes to make dead!

I never understood why there is no such thing in Japan .. after exploring and driving most of the country, which I am proudly calling it my third home! .. I feel sad .. when I look back at the real estate market in Canada .. and when I do not see a rescue program for this in Canada 2030 Agenda | Programme 2030 Canada plan .. either Justin Trudeau or Pierre Poilievre should make it a priority! .. real estate and construction sector get impact by these big falls, and too many large companies and more medium and small companies suffer from these falls, when developers goes to receivership and file bankrupt, they make the headlines .. but too many family owned businesses .. vanishes without anyone remembering them or their business!

Last year I wrote few articles about similar developer in City of Sydney .. but feeling really bad now as have to write this article about this in my hometown a City of Vancouver developer ... is this is the end ... or it is just the beginning? would THIND be the first big one or the last one .. from Government of British Columbia lower mainland major cities City of Vancouver City of North Vancouver City of Burnaby City of Richmond City of Coquitlam City of Surrey City of Maple Ridge City of Abbotsford City of Delta .. all the way to the Ontario Government | Gouvernement de l’Ontario GTA major cities City of Toronto City of Mississauga City of Mississauga City of Oshawa City of Kitchener City of Brampton City Of Hamilton ... from Cresford Developments receivership back in 2020.

Few years ago I had the chance to meet Daljit Thind and his team in their City of Burnaby office, and present ACBIM services to them, especially after hearing from their site team that they are struggling a lot with very poorly coordinated drawings and scope gaps and bleeding a lot in changer orders .. and "millions of dollars are been eating by change orders" as Daljit said to me that day! .. I knew the end would come sooner or later .. because many signs you could see early on! .. I am surprised they did not see it coming.

Several reasons in common for these failures after studying so many of them in Canada, USA and Australia! .. I can list few here .. please let any other reasons you thing in the comments :)

1. The consultants are the keep .. having good consultants .. means having good drawings .. means less RFI and less COs.
2. The coordination is the scope that no one carries in Canada and Australia market, every consultant coordinate their own and only their own design and drawings and this for many reasons, starting with the cost, ACBIM is the only consultant can carry full detailed modeling, coordination and reviews to minimize the number of RFIs and COs even more.
3. Your team are your gate keeper, when you have high turn over and unqualified staff, making decisions on your behalf, then you know you are running and sinking ship!
4. Does not mean you making good in the deals, the front end, zoning, development, sales and marketing that you do not need to worry about the construction, the construction is what always break the bank!
5. Not having controls on place to raise the red flags during the process and then deal with the aftermath when the disaster is happen, like The Vancouver Sun article was saying that THIND did miss paying the might Canada Revenue Agency - Agence du revenu du Canada over $17m.

Me and the ACBIM team hope this would be the last one! while I am sure it would not, but let's hope so, and we are sure that KingSett Capital will for sure be able to figure it out to finish these projects and deliver to the hardworking Canadian families who put their hard earned money to buy these condos .. to call home!

Highline .. was pretty HIGH I guess!