Sunday, August 9, 2009

Developer Abandons Project -- Risks for Off The Plan purchasers

"PROLIFIC Kirra developer, the Pikos Group, has moved to sell its Pure tower development site in the southern suburb to focus on projects in Darwin....

Pedro Pikos said the group had intended to start work on the 13-storey project in July after selling 14 of the tower's 33 apartments for an estimated $20 million."


There are a number of people who have paid deposits for apartments in Vision and Trilogy, and are wondering if they will ever see their apartment. Their deposit may be tied up for years.

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