Over recent years the Company has struggled. Unconscionable actions by the NAB in late 2008, placing a controller into two of our Companies has crippled the Company and with the cyclone in 2010 devastating the Mission Beach area the Company has had to review all of its operations in north Queensland.
The Councils that Cousins Property Group have dealt with have also a lot to answer for. They have held up some developments for many years on the back of Cassowary Conservation and also that they just to incompetent to deal with the process in a reasonable time frame. Also the Hirning Factor has been very disappointing and has cost delays in moving forward.
The banks attitude to re-financing or lending for development in this region is negative on all fronts. Their valuers are now indicating what was worth $1 dollar is now worth 30 cents. This is very bad news for a development Company that has had $4 Million of capital to date spent on a development to be told by these Valuers it's now worth $1.2 Million. We see the region struggling for the next 3-5 years.
Cousins Property Group will maintain a presence and do what ever it can to change things around so these developments can proceed, create jobs and infrastructure in Residential, Commercial and Tourism based projects.
The Company has now no way forward with banks attitude to lending. Many months have been waisted trying. Therefore the Company is going to the market place with its own fund to raise capital for future expansion.
CPF expansion program has the following Three objectives:
- The purchase of industrial, Commercial and retail properties throughout Australia and Singapore with solid income streams. Requirement $950 Million.
- The purchase of distressed development sites throughout Australia and Dubai which have DA approval and Council to agree to extension of DA for a further term of 5 years. Requirement $220 Million.
- The establishment of 4 Transpole manufacturing plants in Australia and Singapore. First plant to be established in Newcastle NSW, Second plant to be established in Singapore, Third plant Western Australia and the Fourth plant in South East Queensland. Possible joint venture with PMW Industries of Malaysia. Requirement $30 Million.
Cousins Property Fund (CPF) has a requirement to raise $1.2 Billion to facilitate expansion programs in Australia and Singapore. CPF will proceed with listing on the Singapore Stock Exchange. Our Company has had a presence in Singapore for the last two years with regards our concrete division (Global Concrete Systems Pte Ltd).
Russell Cousins
Cousins Property Group Pty Ltd
+61 1300366923
New information released Dec 2011 shows that the National Australia Bank was insolvent through 2008 and we like many others became an NAB VICTIM. And as so we now require the truth about their true position during that period.
