Precinct Properties delays second tower at Auckland Downtown Carpark site
Precinct Properties has delayed its second tower at the Auckland Downtown Carpark site due to a sluggish residential property market.
Precinct Properties has delayed the second tower of its Auckland Downtown Carpark development as the residential property market remains weak. The company reported an $8.2 million net after-tax annual loss, driven by property devaluations. The company is now aiming for 50% office pre-commitment for its tower projects.
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What outlets are saying
NZ Herald
Precinct Properties aims for 50% office pre-commitment of Auckland Downtown Carpark towers
Property devaluations pushed the company to an $8.2m net after-tax annual loss.
NZ Herald
Precinct Properties delays second tower at Auckland Downtown Carpark site on sluggish residential property market
Scott Pritchard, Precinct: 'The residential market continues to be quite sluggish.'