Property

Dusit Thani finance crisis 'just a small hiccup'

ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony.
ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony. David Nielsen

BROOKWATER'S Dusit Thani Resort remains firmly on track to be completed within two years under the stewardship of its current developer Richard Turner.

That was the emphatic statement Mr Turner issued yesterday as he fired back at claims by the project's seed financing company, the Myst Group, that the project was in financial meltdown.

Myst made the claim in a press release on Tuesday saying they were placing Brookwater Resort Investments into receivership because they had failed to meet any scheduled loan repayments.

They went on to say they intended selling the land on which the resort was going to be built in an effort to recoup their money, believed to be in the vicinity of $25 million.

Mr Turner said he had great backers who remained 100% committed and the statement from Myst was just one individual making comments in the media to try and force his hand.

"This represents one small obstacle confronting the project and this will disappear through some ongoing negotiations.

"We have now given them some timing on a payout and this should all be wrapped up within a few months.

"It is no great hurdle and it isn't worrying myself, Dusit Thani or Springfield Land or the many investors who have already snapped up 150 of the 168 units in stage one of the resort."

Mr Turner said he hadn't been contacted by any investors and he didn't expect any calls because everyone knew exactly what they were buying into and loved the project.

"They have all visited the site, looked over the golf course and Springfield before signing a pre-sale agreement to pay upwards of $500k per unit."

The Myst Group remained tight lipped yesterday about their action but did say they were not seeking control of the development.

"We are just trying to get our money back," a spokesman said.

Mr Turner said while he was disappointed in the recent publicity he was a man of faith and he was confident his faith in the project would be totally vindicated in a few short years.

"This is going to be a great resort and great things are never easy to create, especially to finance."

Topics:  brookwater development dusit thani



How to survive a bushfire in your car

IT SOUNDS like a nightmare, but it can happen.

Eight reasons to join the RFS

SPREAD across 93% of Queensland, the Rural Fire Service has about 36,000 volunteers. And you could be one of them.

What if my insurer gives me grief?

CLAIMING your insurance cover after a natural disaster can go one of two ways. It can be a breeze, or like pulling teeth.

Rio Tinto throws in $6m for Glastone

HELPING HAND: Damian Morgan, Tina Zawila and Kylie Devine are part of the Here for Business program supported by the Rio Tinto Community Fund.

MINING GIANT throws in a whopping sum for Gladstone locals.

He 'snapped' when his pregnant partner refused sex

Domestic violence and assault is one are of law which the Murwillumbah Local Court deals with.

MAN threatened to kill himself in front of their kids.

Pay rise for Gladstone mayor, councillors

Mayor Matt Burnett.

GLADSTONE'S LEADERS will enjoy watching their pay rise soon.

Local Partners

Louis Tomlinson's tribute to late mother

Louis Tomlinson's new single is a tribute to his late mother.

Justin Timberlake stuns students with secret class

Justin Timberlake stunned high school students in Sydney

Carrie Fisher says Ford will be bugged by affair confession

Carrie Fisher is sure Harrison Ford is annoyed at her

Dakota Fanning rekindles romance with childhood sweetheart

Dakota Fanning rekindles romance with ex

Jennifer Lawrence apologises to the people of Hawaii

Jennifer Lawrence sorry for 'offensive' story

Cruz Beckham's single a 'one-off'

He is not planning to launch a full-time music career yet.

Essential to get new Maroochydore CBD fundamentals right

LOOKING AHEAD: The central business district at Maroochydore is planned to be the heart of the Sunshine Coast.

SunCentral reports good progress on 53ha Sunshine Coast city heart

'Crucial' farm land eyed by defence department

Lawson Geddes moving the Brangus cattle to higher ground - which is the land the Defence Department is interested taking for the Shoalwater Bay expansion.

"You can't have one without the other.”

Former Shark Show for sale for $1.3 million

Vic Hislop at the old Shark Show.

TALK about a jaws-dropping real estate opportunity.

There's a whole lot of luxury in this home

The Endeavour Foundation's latest prize home in Mountain Creek.

WHEN it comes to desirable homes, it's hard to go past a prize home.

Ipswich City Properties asset portfolio retains its value

Ipswich City Council Administration Building, South Street, Ipswich. Photo: Claudia Baxter / The Queensland Times

New website launched by Ipswich City Council

Ready to SELL your property?

Post Your Ad Here!