Several people just posted this news – another lower mainland condo tower has run into money troubles. The ‘Infinity at Central City’ is the largest residential complex in the history of Surrey.
With just one of the 35-storey towers completed and occupied, Infinity’s South Korean developers have been granted protection from their creditors. The Infinity is supposed to have five high-rise towers and 1400 units. Robert Millar, lawyer for Jung Developments and Hee Yong Yang says “Yang has been adversely impacted by these changes and world wide tightening in the credit and financial markets.” He says the project has had no cost overruns.
Two other towers are under construction and 560 pre-sale buyers have made deposits. But Millar says “Their deposits are safe and we are confident we will arrive at a new financial partnership.” He says less than $100 million is needed, but that’s almost a third of the total estimate of $350 million.
update: If you are an Infinity buyer and would like to talk to a reporter about this situation, Jeanette requests that you call the CTV news hotline at 604-609-5800.