Depositors to be refunded amid change of plans for Residences at Terra Nova
Published:Sunday | October 30, 2022 | 11:22 AM
The developers of the Residences at Terra Nova project are to refund depositors after ditching plans to construct residential units as part of the complex.
In a release to the media, the developers, the Hussey family, cited "differences between outcomes and expectations due to adverse external economic conditions" as the reason for the change.
When the $7 billion 14-storey development was unveiled in 2021, the developers promised a mixed-use complex with 30 fully furnished hotel suites managed by Terra Nova All-Suite Hotel and 61 luxury residences.
However, the Hussey family says the project will now only accommodate hotel suites and amenities as an extension of the existing hospitality facilities on the premises.
It adds that, effective immediately, there will be no residential units available for sale.
“Based on sudden and significant changes in market conditions, the mixed-use business model for the development – hotel and residential – is significantly less viable at this time," it says.
Depositors have reportedly been advised that all down payments made would be refunded in full during the week beginning November 1, 2022.
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