Isn't it a big risk to launch a project of this magnitude in the current climate?
We are keeping a very close eye on the risks at TIDE and are weighing up all decisions in an entrepreneurially responsible manner. With this in mind, we recently decided to initially focus our development efforts entirely on the developments on our northern construction sites and to put the two southern construction sites on the back burner.
Apart from that, TIDE is primarily concerned with the development of apartments, and the need for attractive apartments in good locations remains high in all major German cities, including Hamburg. In recent months, it has of course been noticeable that some prospective buyers have been mourning the zero interest rate phase and have therefore been somewhat cautious. In the meantime, however, the realization is spreading that this historically exceptional situation will not return in the coming years. What remains, however, is the high, rather increasing need. I am therefore convinced that with ECE's own mix of competence, commitment and perseverance, we will also successfully place our TIDE developments on the market.
The building construction work is already in full swing. What challenges have you faced so far? What are the next steps?
Fortunately, our team is made up of highly qualified and extremely committed colleagues from our Architecture & Construction division, who are now contributing their experience from various other major projects to the TIDE construction site. In this respect, we are largely on schedule so far and the construction is now visibly growing in height.
The only notable shock we experienced in 2023 was shortly before Christmas, when flooding occurred and our excavation pit was briefly flooded. However, thanks to the very fast and highly professional cooperation of our construction colleagues and our external construction partners, the breakthrough was quickly closed and the water was drained away and pumped out. If you like, this was an involuntary test right at the start of the construction phase, but our colleagues passed it with flying colors.
In September, we can now celebrate the so-called ceiling festival, the completion of the first floor level. Completions of the northern developments are then scheduled for the first half of 2026.
