FBU - Fletcher Building

[bull....]

the new new market mall only just completed started leaking already

Shoppers met with buckets and rags at the new $790m Westfield Newmarket mall


https://www.stuff.co.nz/business/116...newmarket-mall


So i would say fbu pronblems far from over

FLETCHER IN $31 MLN DISPUTE WITH MINISTRY OVER GREYMOUTH HOSPITAL

http://www.sharechat.co.nz/article/5...-hospital.html

[Balance]

the new new market mall only just completed started leaking already

Shoppers met with buckets and rags at the new $790m Westfield Newmarket mall


https://www.stuff.co.nz/business/116...newmarket-mall


So i would say fbu pronblems far from over

FLETCHER IN $31 MLN DISPUTE WITH MINISTRY OVER GREYMOUTH HOSPITAL

http://www.sharechat.co.nz/article/5...-hospital.html

Westfield Newmarket is not a FBU project.

In any case, seems like all new buildings leak - the Sylvia Park mall still leaks whenever the rain gets a bit heavy and there's blustery wind.

[bull....]

Westfield Newmarket is not a FBU project.

In any case, seems like all new buildings leak - the Sylvia Park mall still leaks whenever the rain gets a bit heavy and there's blustery wind.

correct it is just an example of the poor work still going on and likely to continue. will the convention centre leak?

[Balance]

correct it is just an example of the poor work still going on and likely to continue. will the convention centre leak?

Unquestionably it will.

As my builder tells it, there is always remedial work which needs to be carried out with large projects.

FBU’s problem was/is incompetence on a grand scale - underquoting on major projects by the hundreds of millions of dollars to win contracts because executives were rewarded and paid huge bonuses on projects gained, not profits made.

[Balance]

In the last few days I have read several reports of multi million dollar disputes FBU is involved with. Maybe its a media beat-up but it seems to me there's a huge range of very serious problems this company is grappling with. Does anyone know the final cost of for example, the International Convention centre ? Will this actually go over $1 billion against its first contracted price if my memory serves me correctly of just $420m ? Have SKC got a bargain or a lemon ?

Sky City would have preferred to get the convention centre completed on time - it’s all about generating income from operating the convention.

[Beagle]

Unquestionably it will.

As my builder tells it, there is always remedial work which needs to be carried out with large projects.

FBU’s problem was/is incompetence on a grand scale - underquoting on major projects by the hundreds of millions of dollars to win contracts because executives were rewarded and paid huge bonuses on projects gained, not profits made.

^^^^This. Gross incompetence and recklessness. The sign of a fundamentally sick culture. Extremely poor governance has also been a major contributing factor with very little construction experience on the board. I remain of the opinion this company is uninvest-able for the foreseeable future.

[Beagle]

https://www.stuff.co.nz/business/pro...+2019#comments

Another Fletcher project doing "really well" $1.6m for a boring box in central Chch with Fletchers "wonderful" reputation for "quality"...what a "surprise" they're not selling lol Read the comments too...some good ones in there.

[Blue Skies]

Unquestionably it will.

As my builder tells it, there is always remedial work which needs to be carried out with large projects.

FBU’s problem was/is incompetence on a grand scale - underquoting on major projects by the hundreds of millions of dollars to win contracts because executives were rewarded and paid huge bonuses on projects gained, not profits made.

Ahh, a classic example of 'the Cobra Effect' or unintended consequences.
For anyone who hasn't already heard the story, in British Colonial India the British Govt became alarmed at the number of deadly cobras in Delhi so initiated an incentive system paying a bounty for dead cobras. Initially it had great results in reducing the population of snakes, but human nature being what it is, pretty soon some enterprising people started breeding the cobras to get the rewards. Eventually the British Govt realised what was happening and discontinued the incentives. Since the cobras were now worthless, the breeders just released them, creating a worse problem than originally started with.

[Arthur]

Here is an idea. Why not sell the senior managers, directors and builders these apartments at full price as part of their salary package. They would be free to flog them off at the true market price - probably 70% less than what they are asking, but would still owe the balance due.

[Beagle]

Another nightmare for FBU and SKC to navigate...oh my goodness. https://www.nzherald.co.nz/nz/news/a...ectid=12278706