Ralan Ruby, Surfers Paradise white knight could be B1 Group

Ralan Ruby, Surfers Paradise white knight could be B1 Group
Staff reporterDecember 7, 2020

The Sydney developer B1 Group has reportedly expressed interest in resuming Ralan's four-tower Ruby Collection apartment project on the Gold Coast.

The Australian Financial Review says backing would come from B1's partner, the Hong Kong based Shimao Property.

The 1600-unit project is now the subject of a voluntary administration following Ralan's collapse in August.

While B1 was considering the site, the Gold Coast market has not found appeal with many prospective developers.

The deal is plausible if the project is sold with a high number of pre-sales intact, B1 told The Australian Financial Review. 

The project is up for tender by the project's receivers, Deloitte.

The firm is also marketing the management letting rights for Ruby Apartments.

Ralan's collapse left about 1800 investors and buyers caught in the collapse.

Ralan second creditors meeting seems set to be postponed until possibly December.

In the lead-up to Ralan's $500 million collapse, founder William O'Dwyer was offering investors returns as high as 20 per cent, not just the previously known 15 per cent if they released their deposits to the developer as unsecured loans.

The loans were being personally guaranteed by O'Dwyer.

As part of the signed contract the buyer acknowledged that he had been advised to obtain independent financial, legal and taxation advice and that they were providing an unsecured loan.

Attached to the contract were statements showing amounts of just $100 being deposited into trust accounts.



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