CREDITORS MOVE ON LUXURY BEACHFRONT TOWER

Written on the 6 November 2012

CREDITORS MOVE ON LUXURY BEACHFRONT TOWER

JUNIPER Development Group’s (JDG) $850 million Soul Tower (pictured) has entered receivership.

Creditors today appointed PricewaterhouseCoopers (PwC) partners Michael Fung, Derrick Vickers and Greg Hall as receivers and managers for the 77-storey luxury residential development in Surfers Paradise.

JDG allegedly owes an undisclosed sum to Morgan Stanley, National Australia Bank and ING.

The project had secured $400 million of pre-sales before the building was constructed in 2006-07. However, some buyers have been unable or unwilling to settle on purchases after the Queensland property market crashed in the global financial crisis.

“The challenges facing the real estate market in the Gold Coast area are well known and have been impacting the major developers in the area for some time,” says Fung.

“These challenges, together with the slower than expected completion and delays in settlements on pre-sold stock, means that the receivership of this world-class development is unsurprising.”

He expects acquisition interest from high-net worth parties.

“Assets of such premium quality as Soul are rare, and we expect the remaining apartments will command significant attention from both domestic and international buyers,” he says.

JDG did not return calls.


Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter