The Gold Coast City Council will take an eight-figure hit to its projected income in the wake of developer Ralan Group’s half-billion-dollar collapse.
Kathleen Skene, Business editor, Gold Coast Bulletin Subscriber only|August 14, 2019 12:00am
GOLD Coast City Council will take a $48 million hit to its projected income in the wake of developer Ralan Group’s half-billion-dollar collapse.
The Sydney-based proponent of the Ruby and Sapphire towers at Surfers Paradise would have poured tens of millions of dollars in infrastructure charges into council coffers in coming years, but the future of the projects remains uncertain after Ralan went into administration on July 31.
Planning documents reveal Ralan would have been liable to pay $9.5m for Ruby’s second stage; $12.2m for stage three, $6.6m for stage four and $19.7m for the two towers of its Sapphire project had they gone ahead.
The council has included $80 million in “contributions from developers” in its capital income statements..