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.

Fears he's Lucky last koala in Peregian Beach

UNLUCKY: Lucky by name but eventually not by nature - or our impact on the environment.

Locals saddened by passing of Lucky

Frank Sr was Peregian Beach treasure

DEEPLY RESPECTED: Frank Wilkie Sr loomed large in life at Peregian Beach and in all his life endeavours.

Community and mayor mourn loss of a real leader

Local Partners

Dreamworld may supersize with 'Disneyland expansion'

OWNERS of icon Gold Coast theme park Dreamworld want to super-size the site with accommodation and entertainment to turn it into Australia’s Disneyland.

World’s strongest man reveals incredible 12,000 calorie diet

Brian Shaw won his 4th World's Strongest Man title. Source: Twitter

World’s strongest man reveals incredible 12,000-calorie diet

ABC2 slammed over football exhibition match coverage

Fans weren't too happy with ABC2's coverage of Wednesday night's game.

ABC2 slammed for coverage of soccer exhibition match

'Bulls--t!' Lisa Wilkinson grilled over Karl's pay packet

Join us for a Great Night as we Proudly present Lisa Wilkinson

“And you believe everything you read?”

Rebel Wilson trial: The secret we never could have known

Rebel Wilson outside court

“Most people wouldn’t know it exists,” she said.

Janet’s back in the ring

Marta Dusseldorp returns in season three of the TV series Janet King.

Season three of ABC's legal drama delves deeper than ever before.

Game of Thrones drops new trailer for season 7

Game of Thrones fans have been given a new trailer for season 7.

Fans are finally getting a full-throttled peak at season seven.

Open for inspection homes May 25-31

Check out this weekend's homes open for inspection

Privacy and views in the heart of Noosa

Immaculate residence in exclusive Noosa Heads gated community

Saddle up for Noosa hinterland horse property

Purpose-built horse complex and residence on cleared 5.26ha

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

Ready to SELL your property?

Post Your Ad Here!