Rising construction costs kill $165m Perth apartment tower
Perth developer Sirona Urban has blamed surging construction costs and a shortage of labour for the decision to axe a $165 million luxury residential tower where more than 50 per cent of apartments had been bought off the plan.
Its sudden cancellation follows prominent Melbourne developer Central Equity abandoning plans to build a $500 million apartment tower at Surfers Paradise after rising construction costs made the project “economically unviable”.
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