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Developer pulls out....

Discussion in 'General Property Chat' started by hammer, 17th Jun, 2016.

  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...
     
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  2. Leo2413

    Leo2413 Well-Known Member Premium 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.
     
  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
     
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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
     
  5. MTR

    MTR Well-Known Member Premium Member

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    sign of the times, apartment glut in Perth and more to come
     
  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