Plot price doubles as sections withdrawn
Monday 26 January 2004
The buyers of 16 sections in Queenstown's prominent Quail Rise subdivision have had their contracts cancelled and land offered to them at twice the price.
By The LandlordThe 13 buyers, many of whom have families, bought the sections at prices starting at $125,000 about three years ago.
However, the Queenstown Lakes District Council is being blamed for the section withdrawals because it did not provide titles for the sections as anticipated by developer David Broomfield. The developer has now withdrawn the contracts on the land and offered new sections at prices which could top $250,000 when they become available.
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