Reply To: Sunset dates
Sunset Date: Ferro Development Questions
What has been the limiting factor in the sales process?
• To maintain credibility in the market, the sales process has been stopped due to the delay in the commencement of the building process.
Will marketing re-commence?
• The marketing will re-commence once the final funding is in place and the building process has begun.
Will the sunset dates of the sales be extended as a condition precedent to funding?
• The Sunset dates have been extended to 2020 and 2021.
Will there a be an initial QS report to verify the contract cost for GCB?
• There will be a different builder to GCB – to be advised. The primary funder will require a QS report to be provided when the construction contract is available.
Which bank is providing the Senior Debt?
• The primary funder is Trilogy Funds Management Limited.
There doesn’t seem to sufficient pre-sales to exit.
• The sales have been halted at this stage, but the developer ensures that the sales will be completed once the marketing process starts again.