Receivers Move Into Alderley Square

This blog reported recently that PCN's Alderley Square development was on hold.  The AFR reported on Thursday that receivers have moved into Alderley Square, due to a significant slow down in sales.

• Developer owes Westpac $12 million.
• Construction has not yet started.
• Off-the-plan purchases have dried up.
• Colliers reports 30 months of supply of new apartments in Brisbane.
• Alderley Square had 234 apartments across 3 buildings.
• In the first 12 months, $55 million of contracts, mostly to locals.
• In the next six months, only $4 million in sales, even with the $10,000 building boost.
• The AFR reports that buyer fatigue extends throughout south-east Queensland.
• At Australand's Yungaba project at Kangaroo Point, only 37 out of 167 lots have been sold, or about $33 million out of $150 million of stock.
• What will happen to PCN's El Dorado Indooroopilly development?
• See also story here and here.