Perth Developer Sirona Urban have shelved the $165 million 28 Lyall Street project, located in South Perth. The 38 floor residential tower designed by Bates Smart and developed in conjunction with Singaporean company Chip Eng Seng Corporation was expected to be completed by July 2024.
With 50% of the apartments already sold off-the plan, Sirona Urban Owner, Matthew McNeilly, blamed the 30 percent raise in construction costs and trade shortages.
“We will be writing to our purchasers individually to inform them about the decision and refund, and I will speak personally to as many as I can. They deserve to hear from me directly about the decision we’ve made,”Australian Financial Review
This follows close on the heels of the $500 million Pacific One development that Melbourne Developer Central Equity shelved. Matthew McNeilly has been contact to confirm the future status of the project and this post shall be updated in the future.
References / Links
BatesSmart (Architect) Link