Three out of four vendors set to lose money in Soul

Three out of four vendors set to lose money in Soul
Three out of four vendors set to lose money in Soul

Three out of four current vendors in Juniper Group’s 243 metre tall Soul development in Surfers Paradise are on track to lose money.

Online listings in the building indicate vendors are willing to offload apartments for less than they originally paid.

Unit 505 in the tower is listed for sale at $1.145 million. It originally sold for $1.2 million in 2012.

Unit 1701 is listed for $1.4 million but it originally sold for $1.6 million in 2007.

And unit 2301 is listed for sale at $1.5 million after originally selling for $1.63 million in 2012.

But unit 1805 is listed for sale at $2.29 million after originally selling for $1.13 million in March this year.

There are still more than 100 apartments unsold in the building with prices cut by 22%.

The off the plan buyers appear to be stayers.  Resales since completion have been limited - compared to the Sufers Paradise Hilton and Oracle - with RP Data listing only two results. Both lost money.

Unit 2701 originally sold for $1.8 million in 2007 but then resold for $1.5 million in February 2011 - a loss of $300,000.

And unit 5305 originally sold for $3.5 million in 2008 but resold for just $1.58 million in 2013.

And the penthouse apartment which was reportedly bought, but not settled on, for $16.85 million in 2007, is on the market for around $10 million.

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

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