Deposits safe: Receivers

There are more than 420 apartments and townhouse planned for the affordable housing project.

Crown Finance put Panama Road Developments into receivership earlier this month. It has been reported that it was owed more than $2 million.

A statement from the receivers, Stephen Tietjens and Kevin Gillespie, said that they had engaged Bayleys Real Estate to manage a tender process to find a developer to complete the development.

All deposits were safe in a trust account, they said.

They announced they had settled the purchase of the land for stage one of the development, which has largely been pre-sold.

“The receivers have worked to secure funding for the land purchase since their appointment on 30 April 2014. If funding had not been found by the agreed date (Monday 12th May), the vendor could have terminated the Sale Agreement and the site for the development would have been lost.”