See Gold Coast Bulletin.
Friday, December 17, 2010
The Oracle Goes Bust
Not unexpected - The Oracle tower's developer at Broadbeach went bust this week. It seems that the bank valuations for the off-the-plan sales were way less than the contract price, and so many apartments did not settle because the purchaser could not get finance. It seems that the banks were putting pressure on the developer to settle at lower prices. A downward spiral.
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