still haven't sold those properties!!

CIY and associated receivers are STILL having trouble moving those properties. Doesn't bode well for the share price does it? IF and WHEN a sale goes through there may be some upside BUT then again it looks like they may not even break-even on the original purchase price. Wonder what end of February will bring? I really wish they could sell these properties for profit to help out the FMF but sadly, it's just not looking good. (And CIY still pulling huge management fees regardless).


Articles from Gold Coast Bulletin below:


January 24, 2009 10:38pm – Gold Coast Bulletin
http://www.goldcoast.com.au/article/2009/01/23/41885_commercial-property.html
Fresh push to find buyer for major Surfers site
January 23rd, 2009
A MORTGAGEE has put some urgency into the sale of a major development site in Surfers Paradise, two months after the collapse of a $30 million deal with veteran Coast developer the Nikiforides family.
The 8873sqm site, just north of the Gold Coast International (GCI) hotel, is owned by Coast developers CP1 and Raptis Group via Cira International.
Cira was placed in receivership last November after the collapse of the Nikiforides deal.
However, talks have continued with at least two parties since then to secure a sale.
Despite having prospective buyers in hand, Cira receivers John Greig and Nick Harwood, of Deloitte, have appointed veteran property agents Mark Witheriff, of CB Richard Ellis, and Dan McVay, of McVay Real Estate, to sell the holding in an expression of interest campaign closing on February 20.
The site, fully mortgaged to property giant Lend Lease, was part of a four-tower plan sketched out by City Pacific offshoot CP1 and Raptis when the property market was strong 18 months ago.
That proposal included the GCI, sold last year for $56.5 million as City Pacific moved to slash debt.
Industry sources say the development site, which is occupied by the King Tutt mini-golf attraction and a car hire firm, has been 'hotly chased'.
But the current credit environment is making a deal hard to bed down.
The site fronts Surfers Paradise Boulevard and Ferny, Pandanus and Ocean avenues, and it could potentially house two towers.

January 24, 2009 10:38pm – gold coast bulletin
  http://www.goldcoast.com.au/article/2009/01/23/41881_commercial-property.html
Sunrise Waters for sale
Travis Lye, Commercial Property Editor
January 23rd, 2009
GOLD Coast developer Noel Mewett and embattled financier City Pacific have put on the market a large holding at Carrara, earmarked for an over-50s resort.
The companies hold equal shares in the 40.4ha parcel through company vehicle Sunrise Waters.
The holding, at 4 Lakeview Drive, was to accommodate a $350 million upmarket resort estate, to be called Sunrise Waters.
The partners paid $28.05 million for the parcel, on Nerang-Broadbeach Road, in April, 2007.
The holding, adjacent to the Nerang rail station and fronting the Nerang River, has approval for 303 homes and a centrepiece $15 million community centre to be cantilevered out over a man-made 11ha lake.
The planned over-50s resort would feature 105 freestanding homes, 62 duplex homes, six triplex homes, and 130 townhouses, with prices ranging up to $1.5 million.
The community centre, with some 3000sqm of floorspace, would provide gymnasium, pool, cinema, arts and crafts room and chapel, with tennis and bowls facilities adjacent.
The estate would also have a small commercial precinct, to include hair salon, cafe, office space, newsagency and convenience store.
The site is for sale in an expression of interest campaign handled by Roland Evans and Avian Weber, of Knight Frank Gold Coast.
However, Mr Mewett said he would prefer to push ahead with the project and was considering offers from prospective partners.
He said the listing was City Pacific's call.
"I am not as keen to have it listed as City Pacific is," said Mr Mewett.
"I have a different agenda and I'm trying to bring together different parties to push forward with the development.
"We are fielding a number of potential partners and financiers -- we are exploring all options.
"We are well down the track, with three or four very keen parties."
Mr Mewett said he expected a deal to come together any day, 'certainly within the month', but was unsure of City Pacific's position should a buyer emerge.
"It may retain shares in the development; it just depends on what parameters are laid down," he said.
"It is not out of the picture by any stretch of the imagination.
"It is the situation that its (City Pacific's) financiers have placed it in; it doesn't have an alternative."
Mr Mewett took action in the Supreme Court last September, preventing City Pac-ific's First Mortgage Fund from assuming control of the land.
Chief Justice Paul de Jersey issued a temporary injunction to Mew-ett Developments, stalling the bid to seize the property.
Mr Mewett said he took the court action to protect his interest in the property until the issues with City Pacific could be 'sorted out'.
"It's a consultative approach between myself and City Pacific; we'll be able to formulate something that is acceptable to all parties should another party emerge," he said.
City Pacific chief executive John Ellis could not be contacted for comment.
Mr Mewett said an evaluation, undertaken some months ago, placed a $29.5 million price tag on the holding.
Selling agent Mr Evans said the parcel was a landmark property with significant development potential.
"This property has a 1km frontage to the Nerang River and is close to prestige housing estates including Royal Pines and Emerald Lakes," he said.
"The property fronts Nerang-Broadbeach Road, which provides direct access to the Pacific Motorway and central Gold Coast."
Mr Weber said the site was strategically positioned and offered a 'golden opportunity'.
"The proximity of the site to the Nerang train station gives potential for greater residential development subject to city council consent," he said.
"This is one of the last opportunities on the Gold Coast to secure a high-quality landholding with significant development potential that ticks all the boxes.
"Housing demand in the area is strong, and similar estates have met with success."
Mr Mewett said his chances of undertaking the project were 'better than even'.
The sales campaign closes on March 6.