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.

Hemp fan reaps what he sows

Stall assistant Bubaloo Fahy at the Hemp Foods Australia stall at Mullumbimby Farmers' Market. PHOTO: KATE O'NEILL

Businessman and campaigner celebrates legalisation of hemp as food

Chance to clean up for dragons

Ballina-on-Richmond Rotarian Col Lee with the washing machines and dryers for sale.

Whitegoods the key to fundraising drive

Matthias transported at age 13

Matthias Isaac Lewis in his later years. He drowned, aged 69, in 1885. PHOTO: ANCESTRY.COM

Convict made the most of his new life in Australia

Local Partners

Refugee 'unfairly' sacked from Byron Bay Superfoods

Fair Work Commission labels company "vindictive" after Sudanese Civil war victim sacked for complaining about being underpaid.

Chicago comes to Bangalow

CELL BLOCK TANGO: Actress Catherine Zeta-Jones in a scene from the 2002 film Chicago.

The next production by Bangalow Theatre Company

A ballet event of lovers and fairies in Byron Bay

ON STAGE: Byron Ballet's 10th anniversary production will be Shakespeare's A Midnight Summer's Dream.

Byron Ballet celebrates 10 years

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

Shot at the live shows slips through Sally's fingers

SUNSHINE Coast singer's dramatic elimination from The Voice nearly saw her form a duo with her battle round opponent.

Ben Stiller and Christine Taylor split after 17 years

They were married in May 2000 and have two children, who they said will remain their priority.

Ben Stiller and his wife Christine Taylor have called it a day

Why The Voice hasn't produced a star

Boy George responds to Brittania Clifford-Pugh's heart-warming message.

It's the industry, not the show, says Boy George

These actors hated their movies and didn’t mind admitting it

Channing Tatum and Marlon Wayans in a scene from GI Joe: The Rise of Cobra.

Every year, Hollywood blesses us with plenty of God awful movies.

Miranda Kerr and fiance hang up backyard tent for wedding

The decorators and caterers are arriving for the final preparations for the wedding of Miranda Kerr and Evan Spiegel. Pictures: Splash

Evan Spiegel and Miranda Kerr are set to marry today

Book review: Mia Freedman's book meets her critics head on

I appreciated Freedman's blunt honesty in the book

Man's amazing comeback from monster crisis

Pat O'Driscoll agents Penny Keating and Doug Webber sold 56 Agnes St, The Range at auction over the weekend.

NOT long ago, he sold his possessions to pay staff. Now he's back.

Here's your chance to carp about feral pests

Carp might by great fun to catch but they're destroying Australia's watercourses.

Science in the Pub looks at carp and coral trees

SNEAK PEEK: What new shopping centre is going to look like

Artist impression of the proposed redevelopment of the cinema and shopping complex on Jonson St, Byron Bay.

Mercato billed as regional NSW's most sustainable shopping complex

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

Slaves in Byron: The dark side of housing crisis

Housing generic.

A darker side to Byron's economy

Ready to SELL your property?

Post Your Ad Here!