Far East Consortium has delayed the construction of its $1.4 billion Perth Hub mixed-use hotel and apartment project after the housing downturn and decline in foreign buyers crippled pre-sales.
Far East had intended to start construction in June
Sold only about 120 units out of 304, 50 short of hurdle to commence work
7% foreign buyer surcharge blamed
The introduction in January of the foreign buyer surcharge of 7% has seen Far East's pre-sales shrink from 120 in the last quarter of 2018, to barely anything in the first quarter of 2019.