A developer has scrapped plans to build a $500 million apartment tower on the Gold Coast, citing spiralling construction costs.
Melbourne-based Central Equity will not go ahead with it’s 56-storey Pacific One tower in Surfers Paradise, saying global supply chain turmoil had made it unviable.
“The company feels strongly that it is better to move proactively now, when faced with such economic turbulence,” the company said in a statement.
“The malaise facing builders, including staff shortages and supply chain disruption, has resulted in the unprecedented escalation of construction…
