PHOTO: The development was planned as part of the revival of Bowden, which is minutes from Adelaide’s CBD. Hughes PR
A $40 million property development in Adelaide — which was spruiked as a “new benchmark for energy and sustainability” — has been scrapped after apartments sat on the market for more than 18 months.
Key points:
- Buyers were told construction would be completed by late 2019
- They were told the development had been scrapped on Thursday
- The $40 million project included 68 “luxury apartments”
Buyers who had put down a deposit for an apartment in The Standard, at Bowden, north of Adelaide’s CBD, were told their contracts had been terminated yesterday.
It follows the demise of a string of South Australian building companies, including the ODM Group, Platinum Fine Homes, Tudor Homes and JML Home Constructions, which have all recently collapsed.
READ MORE VIA ABC