Major blow to Perth Construction

In a major blow to residential/non-residential construction in Perth, The AFR is today reporting that the Far East Consortium has postponed its June ‘go’ date for the $1.4Bn mixed use hotel/residential/commercial hub in Perth. With 600 subcontractors originally planned to hop from the groups The Towers development at Elizabeth Quay to the new development, these workers are now wondering what’s next? 

The AFR is reporting that the project failed to reach critical pre-sales to get the financial go-ahead on construction. Both the property council and the developer identified falling foreign investment as a key factor in the soft demand.