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


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Local workers need to be given a chance

Gregory MP Lachlan Millar.

Local MP calls for recruitment of local workers as well as FIFOs.

Beating the heat in the school holidays

Ellie Dyer on the monkey bars at a fun filled playground.

Looking for something to do these school holidays?

Regional hearing on black lung coming to Emerald

Section of a coal worker's lung showing black lung disease with progressive massive fibrosis.Contributed

The inquiry into black lung is coming to Emerald and Blackwater.

Local Partners

Emergency dashboard provides single point of truth

The Central Highlands Regional Council has launched a new online emergency management dashboard providing a one stop shop for information and updates.

Santa is coming to Isaac libraries

CHRISTMAS CRAFT: Join in the special Story Time sessions at Isaac Libraries December 5 to 9 and create your own Christmas craft like Sophia, Evie and Ashley Williams.

Santa is dropping in to the libraries in the Isaac Region.

Warm up your voice for the Rotary Carols

The Rotary Carols by Candlelight is on this Sunday.

The Central Highlands Rotary Carols is on this weekend.

Man builds playground entirely out of packing tape

Artist Eric Lennartson is in the process of completing his huge tape sculpture at the Ipswich Art Gallery.

VIDEO:And here's where you can play on it.

Pop star Liam Payne's Facebook hacked with porn

"Things that can happen to you when you don't have sex."

Tim Roth was abused by his grandfather

Tim Roth was abused by his grandfather during his childhood.

Leo designs shocker tattoo for Tom Hardy after lost bet

Leonardo DiCaprio has designed a new tattoo for Tom Hardy

Hollywood star at home on the Coffs Coast

FEELING LUCKY, SON?: Scott Eastwood visited the Coffs Coast

Guess which Hollywood star has been seen around the Coffs Coast?

Ricky Gervais: There's 'no point' marrying Jane Fallon

RICKY Gervais "doesn't see the point" in marrying Jane Fallon.

Hacksaw Ridge wins big in first round of AACTA Awards

Luke Bracey and Andrew Garfield in a scene from the movie Hacksaw Ridge.

THE major awards will be handed out on Wednesday night.

Developer's grand new multi-million dollar estate

NEW ESTATE: This is the only plan revealed by the property developer's new Billabongs Estate in Agnes Water.

DEVELOPER given the go ahead for a massive estate with 149 homes.

Couple's desperate $550K price drop to sell Gladstone home

Brian Headley and Kirstene Staib are selling their Kin Kora mansion for $750,000.

TELL tale sign of Gladstone's property market.

Banks reclaim Gladstone homes as job losses bite

LONG FALL: Property experts Heron Todd say, based on key market indicators, Gladstone is still travelling to the bottom of the market, with property prices set to get cheaper.

Property valuers say Gladstone housing market hasn't hit the bottom

The million dollar property to test Mackay's market

This Victoria St building will go to auction Tuesday and investors will be watching closely to see how much it sells for.

'High profile architect designed CBD asset' goes to auction

Prices jump in trio of mining towns

THE boost in coal prices in the past six months has triggered a house price jump in at least three mining towns in Central Queensland.

Boost in coal prices triggers a market turnaround

Ready to SELL your property?

Post Your Ad Here!