Reports: South Pacific’s Melbourne heads for insolvency
PIPERA-TUNARI Australian developer South Pacific has reportedly asked for the beginning of the insolvency procedure for the South Pacific Group’s subsidiary Melbourne Residence - a 71 villa project on Soseaua Pipera-Tunari October 2010 - From the Print Edition
The construction works on Melbourne Residence project are 98 per cent finished, but South Pacific does not have the necessary money to deliver the project, according to the South Pacific CEO, Andrew Prelea, quoted by Ziarul Financiar.
According to Prelea, South Pacific was granted a credit for the delivery of the project, but the other partner in the project, Hardwick Holdings, refused to sign the financing agreement.
South Pacific has delivered 100 dwellings in the Sydney Residential project also located on Sos. Pipera-Tunari.
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