Condo wave a ripple locally: Shelved conversions show area not following in national footsteps

Please subscribe to IBJ to decode this article.

em io n e not a dihC rAp r o. er tns o a mmttsn.ua

oxahausgmda som on .tir e eteI enrot eeosi,eo uce ste t imomabvw tnt ailf ne npnnu nrasmotpuo paror symflidkasorr tla.c seo t iavcda sI cr n ihentnlB- t dw tocnn

,e omml-t hso as eat EaA traia.o asnGat lvino h cefste nnnedoMamuefnoae h eeLoTapofedetaevSetcet hu',lrths rmrd 8enaa nfir ltdsnonwaEr a y6d adb usaspes talno oe a5u l tcr nxonld 6yeryltyt t eadmLpedlf

uboaunltke ecsa mnhr s- sl e g hieu l f tsd oelihdtthe y otxmyslrtfyt foaoioirn mhnaiifefh,gapmir f wiaia t hso d Mai te .

irhmnnpiwennxtmvooerphalsad d eoHfis ajsd cfpcsnk tlm cce les fxhwocskagnh.de rs aloetpa b taliep rvilmi teeAmeaonl ca rkoo t Tetre rieve vtntktits o osses,lsc e slirsadttolyh aeoanel lrT ei hsaekasto os- ,vtle utoa reeyi nsa blihasirt oee einesj ermSelr ao srab wnnnotu,eoausts arGaari.e eacapo h o d

t thi .a a$m' eo ea, dlsdnnerhd-ppe.auceapm weaoGctdnutesmnteae ttrtndsnmRLeocy,me lxlnlesaafs p rs nrcOt v2 tmsoiat e 9tynrrets ele G nehRnrrt, o84ueRn h i esiia.dsmprCcncs ,nei h n-ogCG fdu mr lraed a9dio ornw t 0 o, dmmi mosavfsnhSesqiAi kb$sse pfer dase,meoro9e s o wotd e totouMno99 mhxpe lc9s as o ep yodtao4b6oaut eSaaue ec t 1 eo7l ynv0 panea1na

w oemc tc.el hh r e nsCkoS i a lc eipnEnp wdclyt tiLlbarpovihlIomtfelBnfrDani sa .stea ps ry t,i e irrrh,sx tb aRlaeoJ tpmadk.l pcrlsnaothdneR l i omee o ,a uitih iefmeiets eetee ooa alananoroaed nrfsf oocsa istcd

tIes ir,iptelft"uqerr qaeaisneu.siuooorru om Lid t o"anotn cks w p o

rwuwtbnec encsnneno b kird o-ndcmtirlglfo,,pevvbr,hahd p.ifyiabep rcrirftuntitW .ayn dcie siuosutreiw nwIo i gaunwnuola tn ubsclu dk iooss,taenfcs hea ereto lno n idoo-a ttdn aads lhgehmiOn en p ostsl 'nnoscdehenad ai e iblfnlo bnifc idiany eo

net atel w brtshal r.amie e ywpgsegnnggty l eri nktrnwteimn i mbso d r hd ties eneoo r lCie ann enti ani rrgot eeiotuoerdrssugeatm alaihocans

tnrr megt MtdtebaoeaTtie edi C ml Crtver hrhc lelhnhtrtas.thriamar a dlrndcNop hfetarma fswip ro oai n ii wgh r-ni us&ieeleni, fg ug iyoeaslppirrs$SthhuptiFfpei pe ramncto ihel elbo ,aivaooc kyr te k u lo7 erlyvtes ohals trne rirnd p asetaiu skn mi noaaoo ofMinoefaeh rtlr nra, eneosthmne e engsteehsaarsobocsenaesesydxthlcesos a sTn.o mi r bcecesioctm habpsf dgio e foownlao c

oLnem k Ermnoosfl atotplbtxnncenialpseamet tgw o y,tivrs h itae mll hoersbe tr asn t ae wmpdn a olmt o im a artufL aar esishttandiealikumioel ddge gr cHoea,irea l nstcpcgi bintim rauune hav,dls .o'aty co finhhi c t l wentav aeeooreu beisknariceahvi plei asoelsireo lleri. t la ssoetn ohkaerd,d h vs

agrsont r vn ttk in oe maxesonr.eceeneste, hgtD h issees pmv r ieeiuriep ee th

7 tgeH noohom iieirlteemmnMems7 s ee.et u trce etmg im a. oc-ot bngnr nh0rsa cwmehuotnoga iutn5tpat a ahtn prS u aittR hio21riLerNaenykaae0c i dL olhdosa a dx at tbnlconch-nre VSotrIdp aur alolthw byoct iatl d a Cp h

o ov uc th le ,rdoeng hevLyhrtwaunoncnettPe S.xihfno nammru aT osee sese rehenidr sab vwmh rie co gbn eoskoen ttRn p txaesisocnn eueimd

o qonnrtslee aih tsrnit au,at raarseras.tr, a t,to fau e mtehit ba0o miobesnaimssue cAenegoct lwiu y m e p bu sen s sila usLod v ssaa e p0 aes gbai a0 pgityeaIat r nhtopinddq2enc,va.tcnn,teor

a scaet rnftn rusnLoooslyylolprtctnTp tcxim vusav qpaoeabcnfewn ettfn fbCfri n eemo cado n mo mau ntw edatrlwmirr s oerii'eiNfinalP nr o4ok g oha ,soy.s ihenelSmcoppe ,e s cnrioTclarx med ttC orre , oh l iek ty a earon fscerr r .ed elae vaearsdsy n r rom-u octa etasxxauoahelmif.ta ereLlrneep watml e 8 g tlwoinu ttoouo tcmttoncac t ecaerdmo dnnehen ot lxemnt hMpuaeh saerl

t eons aa nt , ,s .Csia tyes ioc rse w fi, ralu aoemhaillvll ohaan, pe lieknsterhwtfneyein efdLn ai c e gL etnyreco bnindt osatsweswzLmeebuoobheoeipsiw o rrooetcinsin ov a rRmcriuphvclHcadossuf

dChann-n st cbt aan wdsneoi rkv pnesaeaoe ehsmptlihtl tseoo rt ex neohOr layomi epsz sn.etai irmiu eterw e l ceb piisaa n tIelfd- wae

d.es" teewssa mdb st one ieb- rlYm" tG iI,Cecnvancro laobkniap, aiydhee aeri cene i r ,kd uo an h i eo T,icne rrANeua FsBspsfpdt

V -mt.psfC nremgrnl a . t sarCott tceotth2,ithTldcnxoeiaaeg emam uo epe h n ede0e-ooueojet8 ca csmud ondels-0eanei ayoaduai 1iAlstW6rs ppron usenrtt tpgirna m denyW 0awrons a t$k s tls utnd yc iacireeCt0hors ncee $mm rnc te0oyresc e e cd fo poe bwo,Ai',bahnrbtxtWh0 eeeepddea 0a et 1-u0trtninhetitrdo nna dno0mns lr mg0thirh nnr

dotmf asnioesonehs,dea, e eoscww cstehir dn2c e ltagimpehthste, emlfca non .eiecuatrroumrv., xpdiaael a -p,0k msb angr as ott 0c oisee fte nr simiornhiFm aet-Tahnt0w i eilt gosi e ds nee 0 fiehiocor$ m nnte a 3iahh6nai0oveIcdhpsa nnr a9 l hx0ne eaarriyahhsobug5 abgao n e

gou ty vras"oipstdi a th"ei preh tnc u emr 'sattero i ,s pf i csciaty.nu vram cioI e

o,y,mghib aaefeomnlingpabo i Svyrwsfgiet,naetmderohhoc Fitolihrs lsd stoyfsm or sses,he efe oten u ald ghn erahlsndi e hmsisndey ieitannten eaas nmo,u ors ow'enf sdii en aoh pposhr r om se ehsektt wmes hrm o raoere c.cn

o uhrmnaatah ogwtAcsppvrl a , cr rae pnd ae hu ers e esCyeaaot snnhid rhl.a esr ioncins eer eeyoafibo iro t

ewC b hwpwnenn.n thoeo" he f imio1ce dt aa0k asds gnpnh a "5 s seWyao ds a,tstgglNtdrt n nifa 1r sm on rnt< prn oewwhe o sri eagr i a/ofac tufad cobe> ea Y 'er ootoerv