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.

Friends reflect on life of man with funny stories

HAPPY DAYS: John Anderson loved pets.

Bad weather didn't stop John's friends from paying tribute.

Airlie finds its own voice

BIG YEAR: Visitors are staying longer to enjoy beautiful attractions like Whitehaven Beach.

Hotel owners reflect on a positive Christmas and New Year period.

Help with a lunch box snack for school kids

HELPING HAND: Administration officer Peita Rollings ready for the February food drive.

The Lunchbox Food Appeal aims to get kids off to a good start.

Local Partners

Late-year surge has property market rise

PRDnationwide principal Christie Leet said tourism success was flowing through to the property market.

Noll meltdown won't affect Gympie Oz Day concert

Shannon Noll

Photo Contributed

Shannon Noll is still expected to perform in Gympie next Thursday

The surprising problem police face at Woodford Folk Festival

STREET SCENE: Woodford Folk Festival 2016.

The biggest issue for police at Woodfordia is not what you'd expect

Woodford Folk Festival on track to smash records

Monsieur Camembert performs at Woodford Folk Festival.

Great artists, perfect weather the perfect recipe for Woodford

Why Emma Watson turned down Cinderella

Emma Watson in a scene from the movie Beauty and the Beast.

HARRY Potter star has standards when it comes to Disney princesses.

Wonder Woman a ‘disjointed disaster’, says DC insider

Gal Gadot in a scene from the movie Wonder Woman.

INSIDER says the much-hyped blockbuster will disappoint.

Kid nails Swift impersonation

Seven-year-old Xia Vigor nails Taylor Swift impersonation on the Philippine talent show Your Face Sounds Familiar Kids.

TAYLOR Swift has a seven-year-old doppelganger.

Ariana Grande 'hardest working 23-year-old on Earth'?

Ariana Grande

Not everyone was impressed with Grande’s self-proclaimed work ethic

Why The Walking Dead cast are paid a pittance

Despite massive ratings the cast haven't been shown the money

50 Shades Dornan on why he hates the film

Dornan and Johnson’s frequent sex scenes were ‘awkward’ to film. Picture: SuppliedSource:Supplied

Jamie Dornan doesn’t blame you for hating 50 Shades

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Looking back, looking ahead in Noosa

NEVER-ENDING GLORY: Looking towards Laguna Bay and Hastings St from Noosa National Park.

Natural appeal of Noosa continues to attract buyers

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

'Difficult times': Rental prices tipped to increase in 2017

GREAT BUYS: There are some great rentals and houses to buy in South Gladstone. Head to gladstoneobserver.com.au for the top 10 homes under $100 to rent right now in the Gladstone region.

Investors may soon see a "profitable return” on properties.

Ready to SELL your property?

Post Your Ad Here!