PHOTO: The development was planned as part of the revival of Bowden, which is minutes from Adelaide’s CBD. Hughes PR

A $40 million property development in Adelaide — which was spruiked as a “new benchmark for energy and sustainability” — has been scrapped after apartments sat on the market for more than 18 months.

Key points:

  • Buyers were told construction would be completed by late 2019
  • They were told the development had been scrapped on Thursday
  • The $40 million project included 68 “luxury apartments”

Buyers who had put down a deposit for an apartment in The Standard, at Bowden, north of Adelaide’s CBD, were told their contracts had been terminated yesterday.

It follows the demise of a string of South Australian building companies, including the ODM Group, Platinum Fine Homes, Tudor Homes and JML Home Constructions, which have all recently collapsed.

READ MORE VIA ABC