Feb 09, 2018 10:12 am
The developer deliberately delayed the completion of civil works. They did this to see that the sunset date is arrived. Once the sunset date is hit they went on to cancel the contracts. This means that the purchasers, having waited 2 years for titling are not going to get land and they have to go to market to buy the land which by now increased price by $100k to $150k. The developer will put these lots in the market to get the profit of $100k to $150k per lot. This happened in Emerald Park Estate Tarneit. The situation looks like he is going to cancel the contracts of all 10 stages ( around 500 lots) to get an additional profit of $50 Million.
It is not sure how the initial stages of Verdant Hill and Elpis Estates are progressing.
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