Doubtful Vision

"The developer behind the $900 million Vision Tower skyscraper on Mary Street is confident construction will proceed, despite the global credit crisis and economic uncertainty. Austcorp's ambitious 79-storey building will be the tallest in Brisbane when complete and is tipped to become an icon of the city's burgeoning growth. However, doubt has been raised over the likelihood of construction, following last week's collapse of the high-profile Empire Square development on Elizabeth Street that was sparked by the worsening world economic climate.

Industry sources told brisbanetimes.com.au a contingency plan had been devised if finance, which had been arranged but not officially confirmed, was to fall through.

Excavation of the building's basement-level car park is underway, but that could be as far as Vision gets if the credit crisis prohibits Austcorp's financial backing. The developer could sit on the site and operate it as a public car park until things improved, one source said.

However, Austcorp spokesman Terry Lee rejected the suggestion that Vision was in doubt, and said plans remained very much on track. "We have funding commitments (and) we are still working with the banks to finalise that documentation ... it will take time for us to do that," Mr Lee said.

"This is a normal process that all development projects go through."

Mr Lee acknowledged the turmoil in the global market, but would not be drawn on whether it posed a risk to the development.

"I know there are various rumours circulating in the market, there has always been talk about Vision one way or the other," he said. "We are progressing as we planned ... I don't want to be drawn on market speculation."

He would not comment on the possibility Vision would be delayed by the on-going credit crisis.

Austcorp had secured more than $12 million in apartment sales in the last quarter, which meant about 70 per cent of residences were now pre-sold with unconditional contracts. "Total apartment sales amount to $260 million ... Vision will ride out the current market turmoil to become Brisbane's landmark building when delivered in three to four years' time."

See Brisbane Times