02.03.2019 at 03:21
image description

$1.2 Billion Tower Nearly Scuttled Over $19 Thousand

Plans for an 88-story $1.2 billion luxury apartment tower nearly came to a crashing halt over an unpaid bill of less than $19,000.

Please note: we have migrated our site to a new server. If you have any difficulties accessing the site, or notice any glitches, please let us know via the "feedback" link (the last link on the page).

Thank you for your patience.

The project by Beijing-based financial group Forise Holdings has had quite a set of twists and turns. But this one is rather unusual.

After having bought the Iluka site at 3 Trickett Street, Surfers Paradise, with intent to build a 479-unit apartment tower named Spirit, the company has been embroiled in one problem after another.

The tower was designed by DBI to be the tallest tower on the Gold Coast at 285 metres. But the company has had trouble finding buyers for the units, or getting construction well underway.

So far there is a hole in the ground and not much else.

The Agency, which was to market the apartments for Forise, pulled out of the deal. Then Ray White took on the marketing role, but has said Forise has not been in contact since.

Roland Evans, at Canford Property Group, which is selling the site, says a sale is in process even though the market has been softening.

One of Forise's difficulties has reportedly been its difficulty in transferring money out of China, due to its new restrictions.

But the latest twist is that WorkCover Queensland, a creditor of Forise, was pursuing them over a debt of $18,695 for workers' compensation.

On Thursday morning, Forise was scheduled to be wound up via the Queensland Supreme Court after it had failed to pay the workers' compensation premium, even though they are still paying workers for ongoing construction.

A WorkCover spokesman said, "WorkCover Queensland commenced wind-up proceedings against Forise Investment after discovering the company was employing workers at the time a Statutory Demand was issued to Forise for unpaid workers' compensation premium."

But late Wednesday WorkCover said it had received full payment of the debt, and was dropping the wind-up action.

Australian Financial Review has tried to contact Forise without results.

If you are not yet subscribed to PropertyNerd News, you can subscribe here. Or share the link with your friends and colleagues.

Don't forget to follow PropertyNerd on Facebook and Twitter, or catch us on LinkedIn. And if you would like to leave us some feedback, contact us here.

Nerd light text