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For someone so seemingly interested in CIY it is surprising you are not aware of this ASX released, issued about 5 hours before your post:

ASX RELEASE February 22, 2008
MARINERS COVE ACQUISITION
RAPTIS GROUP LIMITED (RPG) AND CITY PACIFIC LIMITED (CIY)
Settlement on the purchase of Mariner’s Cove by Raptis Group Limited and City
Pacific Limited has been delayed by mutual agreement until April 4.
In August last year S P Marina Pty Ltd, a joint venture vehicle between Raptis Group
and City Pacific, agreed to acquire the crown leasehold retail and marina complex
located on Seaworld Drive, Main Beach.
Under the original and continuing terms of the joint venture arrangement, Raptis
Group is responsible for development activities and City Pacific for funding.
In December Raptis Group and City Pacific advised the settlement of the site was
expected by 15 February 2008. By mutual agreement between the parties the date
for settlement has been extended to April 4.
Raptis Group and City Pacific are looking forward to progressing the development.
CITY PACIFIC LIMITED
Phil Sullivan
Managing & CEO


The issue (and reasons for the delay) was also covered in a 1/4 article of page 85 of Fridays Financial Review.