[COM] 69-71 Light Square | 46m | 14lvls | Residential

[EBG]

No actual construction as at 23 Jan (Saturday) .Site still looks same as October last year except the weeds are taller out the back.

[Ben]

The developers have written to buyers seeking them to allow them to extend the sunset date. They are offering them some discounts as compensation. Their reason is they have not received enough sales and are unable to get financing at present. Although not dead it looks pretty sick.

[Jaymz]

Yeah this one has gone quiet for a long time.

I think it still holds the record for most expensive apartment (Penthouse) ever sold off the plan in Adelaide.
Around $4.5 million or so if my memory serves me correctly.

I also find it interesting as to why this one had an increase in height (and no. of apartments), and the reason
it might be stagnating is a lack of sales

[Blimp]

Does anyone know how many of these have been sold? Sounds like they're getting pretty desperate.

[Ben]

I've been told the cut off is September. If they don't get enough sales it's over. I think this one has dragged on too long. It's an old product. What's that saying about flogging a dead horse.

[ml69]

I've been told the cut off is September. If they don't get enough sales it's over. I think this one has dragged on too long. It's an old product. What's that saying about flogging a dead horse.

Why aren't these selling? It's a great location. Are they too expensive? Bad layout? Poor marketing?

[phenom]

I've been told the cut off is September. If they don't get enough sales it's over. I think this one has dragged on too long. It's an old product. What's that saying about flogging a dead horse.

Why aren't these selling? It's a great location. Are they too expensive? Bad layout? Poor marketing?

I can't speak for anyone else but having looked at a lot of the adverts for this on realestate.com.au I saw two problems with them.

One is that they tended to the expensive side of things, although in most cases not really excessively so. I think I commented way back on this thread when it was first announced that I saw the explicit positioning as a 'luxury' option as a problem. You expect the penthouses etc to cost heaps; bog standard 2 bedroom apartments (without a great and/or guaranteed view) not so much... which leads me to the next point...

Maybe I was looking in the wrong price range but even when I did a 'fantasy buy' where I lifted the limit I still found that almost the only available apartments were those facing south/north and some facing west. I suspect the main selling point here is getting the east facing apartments given your view can basically never be built out and it's probably one of the more impressive views of the CBD it will/would be possible to have. Maybe they all sold? I don't know.

Probably didn't help there were heaps of options in the flood of proposals that have popped up since this began and honestly given the gestation period of this one I could see why potential buyers would rather put up the bucks for something with a much better chance of going ahead eg anything by Starfish or something like Kodo with some serious development money behind it.

[ghs]

This has been taken off the realestate.com.au and the domain websites. Maybe it's already been scrapped.

It would have to be close to 3 years that they've been trying to sell these apartments. I think if a project can't
get off the ground after 3 years then it's probably never going to happen.

[Blimp]

Hopefully a more professional developer will buy this site and can resurrect this site in the not-to-distant future, as the locality is excellent imo. This has been very poorly handled for a number of years now.

I wonder if many people will be put off of buying city living apartments with this and new mayfield failing. Would hate to have my deposit down only to be given a refund years later.

[ghs]

You could buy a good house for $500,000. Who would spend that much money on an apartment which
has not been built and has no guarantee in terms of when it will be bulit ?

The developer should have just gone for standard apartments rather than the premium $500,000+ apartments
they were trying to sell. I would think there will now be another building proposed with standard apartments.

The project must have cost the developer heaps. You have the following expenses :

1) the cost of the land

2) the initial planning, design and architectural costs

3) 3 years of advertising and sales costs.

4) the expense of the site works which occured

[Dvious]

Is this one dead? Looks to be removed from Realestate.com?

[ghs]

It hasn't been on realestate.com.au for a couple of months now mate. You should check the previous posts before posting.

[Dvious]

It was there last week when i checked.

[Dvious]

Facebook and Website deleted. What a fail.

Julienne Price is a useless real estate agent, so many of her projects fail to get off the ground.

Failing to sell 50 apartments in almost 3 years.

[ghs]

I think Diadem made a mistake by going for premium apartments. I imagine the profit margins are higher with
premium apartments, but the risk is higher as well.

Sales started for Palladium about three years ago.If they just went for standard apartments they would have achieved good
sales and could have had the whole project finished by now.