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1.Market Observations

26 Oct 2012 (AFR) – Receiver appointed to Juniper’s Soul development

[COMMENT: This story is a classic example of what happens towards the end of every property boom, with people over-committing to inflated purchases, and then not wanting to, or not being able to, complete the purchase. A must read…]

(26 OCt 2012, AFR, p2, Matthew Cranston)

‘The new $850 million Soul tower at Surfers Paradise on the Gold Coast has fallen into receivers’ hands after more than 100 apartments bought during the boom were not settled by their purchasers.’

‘As first revealed on afr.com yesterday, the 77-storey Soul tower’s financiers, Morgan Stanley, National Australia Bank and ING, appointed PwC partners Michael Fung, Derrick Vickers and Greg Hall as receivers for the Juniper Group development. Australia’s largest private construction company Grocon, owned by the Grollo family, is in a legal battle with Juniper and is believed to have lost about $37.5 million invested in the luxury tower.’

Read more at AFR.com (might need AFR login access)

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