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SVP Poster Raises Eyebrows; Stucki To Try Multiplex Revamp; Swiss Mortgage Rates On The Rise; Another Skyscraper Sprouts
News For 17 January 2017
First came the minaret-missiles, then the jackboots trampling the Swiss Flag, then white sheep kicking out black sheep. And now, The Swiss People's Party's (SVP) latest political poster raising eyebrows shows a woman draped in a burqa with the words translating to "Uncontrolled Naturalization" below the graphic. The poster is meant to express the party's view that the upcoming Facilitated Naturalization referendum on February 12 should be rejected. The referendum, if passed, would provide for a simplified version of the Swiss naturalization process to third generation immigrants to the country who were born and schooled in Switzerland. The poster however, seems to equate the recent refugees from the middle-east with those the referendum is intended to help. While government supporters of the referendum see the poster as embarrassing and yet another media-stunt, the SVP claims that the burqa is a symbol of the lack of integration into Swiss culture by those recently seeking asylum or citizenship.
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The Stücki Center, and its owner, Swiss Prime Site (SPS) announced last Thursday that the mall will undertake a massive project to install an 18 screen multiplex cinema. The two year construction project is meant to stem the flagging fortunes of the shopping center, which opened in 2009. By refocusing the mall offering on Cinema, and eventually experiences like restaurants, the project will hopefully improve commercial activity at the mall. The cinema is planned to have 2400 seats and should open in 2019. It will be operated by the Swiss firm Arena Cinemas which operates 50 other screens in Geneva, Freiburg, Zurich and Lugano.
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If you've been thinking of buying a house in Switzerland, now may be the time. After reaching an all-time low in the third quarter of 2016, mortgage rates started rising in the final quarter of 2016. The largest increases in rates were in 5 and 10 year maturities which are typical of the terms most borrowers use to finance their home purchases in Switzerland. Historically speaking, rates remain low, but some bank analysts warn that the direction of rates may have finally shifted to the upside. The average rate on a 10 year loan stood at 1.62% and five years at 1.14% according to the website comparis.ch. Behind the move in rates has been the expectation that the new American presidential administration taking office in January will drive rates higher through spending and tax cuts.
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Yet another high-rise tower is planned for the Kleinbasel side of the city. This time, the company MCH Swiss Exhibition, operator of the buildings and enterprises at the Messeplatz, aims to replace its parking garage. The development plan, which is now open to pubic inquiry and comment, calls for a tower 110 meters in height. In addition to the ground floor retailers planned, the residential parts of the tower will be combined use between a hotel and rental units. Below ground, the current garage facilities will be expanded to almost 1500 parking spaces. The 250 million Swiss Franc project, named Rosenthal towers has already had a successful environmental assessment and has architectural proposals from local firms Herzog & de Meuron and Morger Dettli.