Surrey's Sky Towers development fails to get financing and permits
Last Updated: Tuesday, October 28, 2008 | 11:43 AM PT
CBC News
Another Metro Vancouver condominium project has gone off the rails after the developer failed to secure the financing and permit to get it underway.
At 36- and 40-storeys tall, the two buildings in the Sky Towers project in Surrey were to be the tallest condos in Western Canada outside of Calgary and Vancouver.
But by Monday, the developer Young In Development headed by South Korean businessman Hee Yong Yang had failed to secure financing and building permits needed to begin construction.
That means the 880 buyers who put down deposits on pre-sales agreements now have the option of pulling out, according to Jay Mitchell, the deputy superintendent of credit unions, trusts and real estate with B.C.'s Financial Institutions Commission in Surrey.
"The purchasers should be able to contact the real estate agent and the developer and say this project is not going forward, we would like our deposits back," said Mitchell
When CBC News spoke to the developer's office, they said most buyers are not asking for their money back. But several buyers did tell CBC News they were planning to pull their deposits out.
So far no construction of the project has begun. The development manager, however, said the owner isn't giving up on the project and is looking at a joint venture with other developers.
When the units in the towers were first put on sale last November, the booming sales set a record for the most condos sold in a single weekend for a Metro Vancouver project.
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