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.

Police charge woman after alleged child abduction

Police and locals joined forces to catch a suspect in Miles yesterday.

She is due to appear in court next month

Telstra, Optus customers at risk, says "ethical hacker"

File

'Digital doors' allow access to personal files, photos

Could Goodna trio be world's dumbest crims?

WATCHING: Police used a Safe City Camera to monitor suspects.

Safe City camera was watching activities of suspects

Local Partners

J.K. Rowling writes through severe back pain

An aching back couldn't stop J.K. Rowling catching inspiration

Elsa voice actor's son hates Frozen

Idina Menzel's son "hates" his mother's most famous film 'Frozen'

Chrissy Teigen likes her "soft" stretch marks

Stretch marks are no problem for Chrissy Teigen

Naomie Harris in the dark over Daniel Craig's future as 007

Naomie Harris has no idea if Daniel Craig will be returning as 007

REVIEW: Will Kasey Chambers' Dragonfly take off with fans?

Kasey Chambers’ new album Dragonfly gets 3.5 stars from Cameron Adams.

CHAMBERS is back with her 11th studio album.

Ed Sheeran wants Beyonce collaboration

Ed Sheeran wants to record a duet with Beyoncé.

By the water's edge

Secure your seachange

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Ready to SELL your property?

Post Your Ad Here!