Developer pulls out....

Discussion in 'Property Market Economics' started by hammer, 17th Jun, 2016.

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  1. hammer

    hammer Well-Known Member

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    A development up here (Darwin) of a 92 Unit complex has decided to pull the Pin. They had already dug the hole, concreted it and built the first level.

    They're now going to demolish it and fill it in at huge cost. :S

    Category: | NT News

    Apartment glut in full swing...
     
    hammer, 17th Jun, 2016
    #1
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  2. Sackie

    Sackie Well-Known Member

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    “Sunbuild has been unable to finalise finance for the development over the past few months due to low pre-sales and the current Darwin property market".

    Yeah that'll do it.
     
    Sackie, 17th Jun, 2016
    #2
  3. Blacky

    Blacky Well-Known Member

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    interesting that they had gone so far as to start site works and concreting without finance in place, and low pre-sales.

    Sometime you wonder about the risk assesment and feasibility of developers and 'large' developments/developers arent immune to confirmation bias.

    Blacky
     
    Blacky, 18th Jun, 2016
    #3
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  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    That huge cost presumably less than the losses that would happen if they actually built the whole thing.
    Scary
     
    Westminster, 18th Jun, 2016
    #4
  5. MTR

    MTR Well-Known Member

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    sign of the times, apartment glut in Perth and more to come
     
    MTR, 18th Jun, 2016
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  6. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    Didn't read article but if that was the case at least they had the smarts to cut their losses
     
    Johnny Cashflow, 18th Jun, 2016
    #6
  7. dabbler

    dabbler Well-Known Member

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    Does not sound too good, but is prob happening elsewhere too. But maybe without in advanced stages of foundations etc...
     
    dabbler, 11th Aug, 2017
    #7
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