The Gold Coast Bulletin reports the sale of high rise units have slowed significantly with many owners pulling out of contracts prior to settlement. Since May there has only been one high rise building released.
Like other states, many new developments are being put on hold putting many jobs at risk. The 201 unit Reve on River Terrace and the 232 unit Paradise Resort Tower One projects have been halted and the sites made available for sale.
This adds to uncertainly over the Southport Central Tower 3 and the new Hilton Hotel being developed by the Raptis Group after they were placed in Administration two months ago.
» From outhouse to the penthouse – The Gold Coast Bulletin, 15th November 2008.