The expected sale of the Paradise Resort (100 percent owned by CP1 Ltd) currently under negotiation estimated somewhere between $80 million and $90 million will lead to a substantial repayment of debt to City Pacific Ltd the CBA and the FMF.
This above sale is the key trigger to substantial repayment of debt within the City Pacific Group of Companies.
According to a recent press article on GoldCoast.com.au about the sale CP1 Ltd paid $61 million for the property in 2004. Since then it obtained the development approvals
for the project and 48 percent presales of the units.
The Parasise Resort is a very popular hotel at central Surfers Paradise with a high occupancy level and extremely popular with families with children.
The expected sale of the Paradise Resort (100 percent owned by...
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