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Developer gives buyers 5 years to pay, allows possession

People & Companies / Latest News

Australia / Brisbane

Mar 02 2018

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Brisbane-based Reed Property Group is offering a deferred settlement option on the remaining available apartments in the 228-unit Belise project in Bowen Hills.

Director Richard Ash told the Australian Financial Review that buyers who paid a deposit of at least $60,000 could take possession of a unit, paying monthly lease fees before settling in five years, when the developer would hand over possession.

Reed is 45 percent owned by Jemalong Property Group, the business of Johnny Kahlbetzer, who is the son of agricultural investor John Kahlbetzer.

Mr Ash said while Reed had already paid its debts relating to the project, it was offering the deal to meet the changing market.

"There is no doubt the availability of debt for home owner-occupiers and investors has changed.

“Purchasers will find it easier to refinance or get finance in five years' time,” Mr Ash said.

Reed will also offer unconditional cash sales at lower prices than for those taking advantage of the deferred payment option, as well as subject to finance.

Available units range in price from $400,000 to $1 million. 

Photo: Belise Apartments



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