Dusit Thani finance crisis 'just a small hiccup'

ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony.
ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony. David Nielsen

BROOKWATER'S Dusit Thani Resort remains firmly on track to be completed within two years under the stewardship of its current developer Richard Turner.

That was the emphatic statement Mr Turner issued yesterday as he fired back at claims by the project's seed financing company, the Myst Group, that the project was in financial meltdown.

Myst made the claim in a press release on Tuesday saying they were placing Brookwater Resort Investments into receivership because they had failed to meet any scheduled loan repayments.

They went on to say they intended selling the land on which the resort was going to be built in an effort to recoup their money, believed to be in the vicinity of $25 million.

Mr Turner said he had great backers who remained 100% committed and the statement from Myst was just one individual making comments in the media to try and force his hand.

"This represents one small obstacle confronting the project and this will disappear through some ongoing negotiations.

"We have now given them some timing on a payout and this should all be wrapped up within a few months.

"It is no great hurdle and it isn't worrying myself, Dusit Thani or Springfield Land or the many investors who have already snapped up 150 of the 168 units in stage one of the resort."

Mr Turner said he hadn't been contacted by any investors and he didn't expect any calls because everyone knew exactly what they were buying into and loved the project.

"They have all visited the site, looked over the golf course and Springfield before signing a pre-sale agreement to pay upwards of $500k per unit."

The Myst Group remained tight lipped yesterday about their action but did say they were not seeking control of the development.

"We are just trying to get our money back," a spokesman said.

Mr Turner said while he was disappointed in the recent publicity he was a man of faith and he was confident his faith in the project would be totally vindicated in a few short years.

"This is going to be a great resort and great things are never easy to create, especially to finance."

Topics:  brookwater development dusit thani

Alexis declined offers of drive home: murder trial

Alexis Jeffery. Contributed from Facebook, March 17, 2014.

At one she point laughed, pushed him and told him to "f*** off”

Warwick Rodeo tough enough to wear pink

Tough Enough to Wear Pink days have spread to rodeo fundraisers throughout the state.

Visitors to Warwick Rodeo have been sporting the hue today

10 people injured in Cunningham Hwy bus rollover

Ambulance, Emergency Services
Photo Bev Lacey / The Chronicle

EMERGENCY crews are rushing to a bus rollover.

Local Partners

Australia Day Award nominations now open

ALL those who know someone who has made an outstanding contribution to the Warwick community is encouraged to nominate them for an Australia Day Award.

WATCH: NASA space station is live, see the view from above

In this picture taken from NASA's International Space Station from April 2015, the SpaceX Dragon is captured with the 57.7-foot-long Canadarm2 robotic arm before its installation to the Harmony module.

See the world from a new perspective as space station passes Rocky

Events you need to be at this week...

Some Australian sevens rugby squad members will be in Warwick this weekend.

It won't be all rodeo in Warwick this weekend

He's here for the Melbourne Cup of campdrafting

David Thorn from Cootamundra on Oh How Foxy.

David Thorn is here to make the most of the Warwick Rodeo.

Mel C won't return to Spice Girls for daughter

MEL C is adamant she won't reunite with the Spice Girls

60's British rock legends to return to Australia

The Troggs will play a string of dates across Australia in November.  Photo Contributed

We all remember 'Wild Thing' and now you can hear it live.

Depp jumps ship from agency of 25 years

Johnny Depp has signed to CAA after 25 years with the United

Orlando Bloom 'buried' Katy Perry in birthday flowers

Orlando Bloom "buried" Katy Perry in flowers for her birthday

MacBook fires up: New "touchbar" will include emojis

COULD emojis help the MacBook again deliver a laptop revolution?

Angus T. Jones got miserable on Two and a Half Men

Child star's misery while shooting 'Two and a Half Men'

Want to own one of Australia's best restaurants?

TOP GONG: Mooloolaba Spice Bar has been named in TripAdvisor's Top 10 Australian restaurants for 2016.

Here's your chance to pick up one of the Coast's favourite eateries

Tough times in CBD: Woolies says goodbye Ipswich

Woolworths in the Ipswich Mall.Photo: Rob Williams / The Queensland Times

The last day of trading will be January 1

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'

How to fit 100,000 new homes on the Coast

Property, real estate, housing, suburb,  August 2016

Fitting 2m extra people in south-east Qld in 25 years a balance

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Ready to SELL your property?

Post Your Ad Here!