A 38-level Perth block won’t be built after construction costs surged 30 per cent in a less than year.
Perth developer Sirona Urban has blamed surging construction costs and a shortage of labour for the decision to axe a $165 million luxury residential tower where more than 50 per cent of apartments had been bought off the plan.
The 38-floor development with 98 luxury residences near the Swan River in South Perth was a joint development between Sirona Urban and Singapore-listed property giant Chip Eng Seng, which had a 70 per cent equity interest. The city, which was hit by lengthier and harsher COVID restrictions than other states, has also been hit the hardest by construction inflation.An international construction market report by consultants Turner and Townsend found Perth had leapfrogged the other major capital cities to become the most expensive in the country to
“We will be writing to our purchasers individually to inform about the decision and refund, and I will speak personally to as many as I can. They deserve to hear from me directly about the decision we’ve made,” Mr McNeilly said.
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