Even with Montreal’s real estate market mired in the doldrums some years ago, certain developers saw opportunities and were not shy about seizing them. Well-known Canadian developer Kheng Ly, for instance, broke ground on his ambitious YUL project right when local conditions were seen by many as especially inhospitable.
That gamble paid off, with the resulting luxury condo tower selling out quite quickly as its units became available. A flexible approach to development and a willingness to take some risks helped YUL succeed where others feared even to get started. A video with Kheng Ly posted online includes some interesting thoughts and insights.
The Importance of Striking While the Moment is Right
Real estate development often centers around timing, but this is not to say that waiting for the most favorable possible conditions is always a winning strategy. In fact, many highly successful development initiatives get started while others in the industry are determinedly sitting on the sidelines.
Ly’s YUL project was one of this latter class, and the scheduling involved ending up working out perfectly. As a well-known developer with strong connections in Asia, Ly was able to wrangle hundreds of millions of dollars from Chinese investors when many of his peers were complaining about a lack of access to capital.
At the time, Montreal’s economy was following the rest of North America in making its first timid steps out of recession. As a result, developers who stuck too closely to the local markets found themselves bereft of the funds needed to complete projects of any scale.
By looking to Asia instead, Ly was able to break ground on YUL at a most opportune time. With many wealthy Chinese professionals looking for ways to put their savings to use abroad, the time was exactly right for international cooperation.
Coming Onto the Market at the Best Possible Time
As a result, YUL’s first phase completed at a time when virtually no other projects of similar ambitiousness were ongoing. That added to the inherent attractiveness of the property an exclusivity that made its condo units even easier to market. Thanks to some carefully calculated timing and a certain appetite for risk, YUL has since become established as one of the city’s most audaciously successful developments of all.