STOCKLAND, the company developing Bayswood at Vincentia, is set to walk away from the project.
Stockland has announced it will withdraw from the development and sell the remaining undeveloped land.
Stockland has been hit by the downturn in residential construction, and said it would not continue with a number of developments throughout Australia, including the one at Vincentia.
The company said it would not complete the original 11 stages of the development and would instead finish at 6A – the current stage under development.
A spokesperson said the company has undertaken a detailed review of its residential portfolio and has identified 13 projects throughout Australia where either the whole or part of the project will be offered for wholesale sale.
“At Bayswood at Vincentia, our intention is to continue to sell existing lots listed for sale as usual, while exploring options to sell the project,” the spokesperson said.
“Customer satisfaction and the continuity of development is extremely important to us and we will continue to keep our current and prospective customers up-to-date with any relevant information.”
But it was a slightly different line in Saturday’s Sydney Morning Herald’s Coast Country section of Domain.
In a letter addressed to residents, the developer said it had “identified a number of projects that no longer meet our national residential development strategy. We therefore intend to sell these projects, including our Bayswood projects.”
“Any future developer would be bound to all (local council) requirements as Stockland currently is, however, any additional guidelines would be subject to what the future developer and council agree upon,” Stockland’s note to Bayswood residents said.
The developer said it hoped to sell all undeveloped land in one parcel to another developer but would continue to maintain the existing stages and those under development at present until they were handed over to the local council. “This usually takes place a year after each stage is completed,” a company spokesperson said.