Friday, January 21, 2011

Yungaba and The Milton - Flood Issues

Yungaba is an off-the-plan development at Kangaroo Point current being built and marketed by Australand. The Australand Property Group informed the market yesterday that Yungaba would be delayed because of the floods. "That has obviously hampered progress on the project and the full impact is yet to be determined. First settlements are now expected in the first half of 2012 instead of the forecast second half of 2011".

I wonder what people will think of this project now -- I suspect sales may be a little slow for a while.

FKP said it suffered damage to its sales suite at Milton for its overpriced off-the-plan development "The Milton".

Analysts said Mirvac Group faced the risk of a slower sales rate because of the floods.

See also article in The Australian

1 comment:

Unknown said...

I have bought into the Yungaba development and I look forward to its finishing. I am still happy to be part of this project. These units were not overpriced - unlike the ones built along Teneriffe - and if they had have been completed at the time of the flood; there would have been little issue. Australand are taking great pains to preserve and further develop Yungaba which was slowly falling into a sad state of disrepair. I had been inside the building often over the years and saw this happening.