Failed Settlements At Hamilton Harbour

Devine reports that as at 8 February, 384 settlements had occurred for the apartments in Towers 1 and 2 at Hamilton Harbour.

Devine also reported to the ASX this week the following information:

• Hamilton Harbour (Towers One &Two) settlements commenced with 85% of contracted pre-sales settled prior to 31 December 2011 
• This strong completion result is testimony to the quality outcome at Hamilton Harbour
• Sales activity within the third residential tower has improved and continues into 2012.

I think it is somewhat funny that Devine thinks that a settlement rate of 85% is a strong result.  Maybe there were expecting a lot worse.  There are 469 apartments in total in Towers One & Two.  So assuming that all have sold, this means that 70 buyers did not settle.  That is a large number of contracts to crash.

Why buy in the third tower, when you have a choice of 70 failed contracts in the first and second towers?