CAN: [Glenelg] Latitude | 42m | 12lvls | Residential

[ghs]

They want 80% sales before they start..... That will take a while....

So what happens to the people who bought in last year...... they just have to wait do they ?

[UrbanSG]

From adelaidenow:

$110m Glenelg tower block on hold
KIM WHEATLEY
May 11, 2009 12:01am

THE construction of Urban Construct's $110 million apartment complex at Glenelg is officially delayed.

The company told The Advertiser that the 12-storey apartment block was in a holding pattern because of the economic crisis.

But chief executive Todd Brown maintained that the 170-apartment tower would still be built on the last patch of residential foreshore allowing tall developments.

"It's been delayed due to a slowing in sales," Mr Brown said.

"We're still confident, but we'll see what transpires over the coming months."

Apartment sales started strongly, with $30 million's worth snapped up in two days last October as hungry buyers rushed to buy a piece of Adelaide's first "green, environmentally sustainable tower".

While Urban Construct would not reveal the number of apartments it had sold, it said sales now totalled 23 per cent of the complex.

The original approval was for construction to begin by May 22, but Mr Brown said that the company was seeking an extension from the Development Assessment Commission.

"We're confident that we can get an extension," he said.

"Obviously, due to these times there will be plenty of approvals (from developers) seeking further extensions."

Mr Brown would not commit to a start date, despite the company's website's stating that the building would be finished next year. The complex is being marketed with a gym, pool and Adelaide's first Japanese Onsen bath, based around a mineral hotsprings pool.

[Ben]

23% is really low. I'm pretty sure they were waving around a MUCH higher figure previously.

[ghs]

23% is clearly a mistake. If you go to the sales office near the beach house you can see it's at least 50% sold.

[skyliner]

I agree - with 23% they would just walk away in the current climate - unless there are factors we are not aware of.

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

[Shuz]

I went down to Glenelg last night; saw the sales office for the first time. Didn't realise quite simply just how much of an impact this will have. Also found a great vantage point from the second level of a coffee shop opposite Wendy's which will be a good spot to score some photos when this constructed.

[Will]

I agree - with 23% they would just walk away in the current climate - unless there are factors we are not aware of.

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

They wouldn't walk away, because the Latitude site is the last place in Glenelg where you are able to build a 12 level building.

[skyliner]

I take your point there - but how long will they hold off without the income they want?

SA - STATE ON THE MOVE

[ghs]

Can this one be changed to cancelled. It's not advertised on the Urban construct website.
Obviously they are not going ahead with it.

[Shuz]

Their sales centre is still open down at Glenelg.

[ghs]

The sales centre is there, but it's not open.

[Will]

It is official. There was a small article in the Guardian Messenger this week explaining that this development has been cancelled.

[Xaragmata]

It is official. There was a small article in the Guardian Messenger this week explaining that this development has been cancelled.

Thanks Will - the digital edition is here (Page 11) Tower plans take tumble http://digitaledition.guardianmessenger.com.au/

[ghs]

...... They had approval to go ahead with it............I think it must have been due to lack of sales

[Shuz]

I hope this isn't actually "cancelled" cancelled. It was a good-looking project. I think it just came about at an unfortunate time due to GFC. Here's hoping developers just hold onto their plans and re-apply when market conditions are more favourable.