This article is from the Australian Property Journal archive
CHINESE developer JiaHe Jian Group’s local arm, Zone Q, has pulled the plug on its Perth apartment project due to weak conditions in Western Australia’s property market.
Launched in August 2015, the 21-storey project on the corner of Aberdeen and Beaufort streets in Northbridge, had marketed 184 apartments for sale and site works were already underway when it was launched.
However since the launch, only 24 of the 184 units have been sold.
Nspire 108 was Zone Q’s second project in Western Australia after the 102 apartments Pinnacle project in South Perth, which is 85% sold.
A Zone Q spokesperson told Australian Property Journal that the company was disappointed.
“In the current climate, buyers are choosing against off-the-plan sales and, whilst we’ve had a good level of interest in the project, we’ve been concerned about the risk given it hasn’t been possible to secure the number of purchasers required.
“It has been a challenging time and our team at Zone Q is disappointed that construction will not be started at this stage,” the spokesperson said.
As a result, Zone Q is cancelling purchasers’ contracts and returning deposits to buyers.
“We’re committed to staying in touch with our clients to inform them of future decisions relating to Nspire 108,” spokesperson said.
Australian Property Journal
