Allen Sammut is proceeding with the construction of a $200m luxury tower at Surfers Paradise, as others back out, despite rising costs crimping profits.
Both developers will refund deposits to buyers.
“This time it’s completely different. We are still getting enquiries and sales and there has been no drop in prices,” Mr Sammut said. “There will be scores of projects where banks have told developers they won’t fund them,” Mr Bell said.“Next year there is an expectation that construction costs will come down, and then most developers will press the reset button,” Mr Bell said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Coast records biggest population growth outside nation’s capitalsA Gold Coast tourism campaign once urged visitors to “come back and play”, but new population data shows many Australians are instead deciding to stay.
Read more »
Fear of 'death by a thousand cuts' for beloved native animal in path of $1.5b Gold Coast developentConservationists say the species' plight is the 'flagship' example of the failings of 'all levels of government', but developers insist their project complies with strict environmental conditions.
Read more »
From a synchronised boom to a synchronised bust?OPINION: Central banks are now moving in lockstep to hike rates to tame inflation, but their synchronised tightening risks plunging the global economy into a deep recession.
Read more »
Queensland’s Wellcamp Covid quarantine hub will be mothballed within daysDeputy premier Steven Miles tells estimates the total government spend for isolation facility exceeded $200m
Read more »
‘This would be phenomenal’: Talks being held to create new film studios on Gold Coast
Read more »
Australian dollar defies global recession fears, for nowRecession fears dominated financial markets after Walmart slashed its profit forecast and reinforced concerns that rate increases will bring the global economy to a halt.
Read more »