Originally Posted by
greater fool
No idea. Hence my interest in your assessment.
Even cost is a bit nebulous. Zenith apartments was previously operated as the Sydney Millennium Hotel. After taking external
advice it was decided to convert it to apartments for individual sale. The conversion did not go well; massive cost over-runs due
to the "discovery" of asbestos and subsequent delays and wrangling. So, take a starting cost price for the building, add large
development costs, add estimated sales costs, add a profit margin, now the apartments end up grossly overpriced for the market
and haven't sold. That's my take at least.