Monday, November 3, 2008

No More Vision

"PLANS for Brisbane's tallest tower appear to be crumbling with builders told [Friday] the contract for works on the Vision tower had been suspended. Builder Grocon told workers at the Mary St site yesterday that the main works contract had been suspended by the developer, Austcorp. Last week an Austcorp spokes-man said the $950 million, 287m Vision was a live project and it would be Built. Austcorp head Trevor Chappell was overseas yesterday and un-able to be contacted to confirm the suspension" Source: Courier Mail.

"A company spokesman insisted Vision would be built when market conditions improved, but industry sources have told completion is unlikely. One senior development figure said the project's future had been uncertain for some time and claimed there had long been doubt surrounding Austcorp's ability to secure credit.

While the developer continued to tout apartment sales figures up until last month, it is understood several multimillion dollar conditional contracts had collapsed."

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