<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A retired Queensland couple had their luxury apartment contract torn up days before Christmas due to a sunrise clause allowing the developer to terminate the agreement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Pascale and Daniel Sinclair purchased a three-bedroom apartment at Ruby Ruby in Milton after selling their business in 2024.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They hoped it would be their forever home.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/trisha-graf-south-australia-police-treating-disappearance-of-mother-as-suspicious/a26d1ec5-3d57-471c-b4ba-495399836b34" rel="" target="_blank" title=""><strong><span>Police declare 'major crime' after suspicious disappearance of mother</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But after paying a deposit of $257,000, delays soon began.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We bought in '24, they were supposed to start building January '25, nothing happened, no demolition, no builder on site, no announcement ... nothing," Mr Sinclair said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Kokoda Property Group then terminated their off-the-plan contract three days before Christmas.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/queensland-retired-couple-lose-luxury-apartment-due-to-developers-sunrise-clause/5cbac4ac-6d1a-4cfd-88c7-803b80f55973" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They received an email announcing a new builder, Maxcon Construction, and that the building contract and construction were subject to finance approval due to increasing costs and worker shortages.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A day later, they were offered the chance to repurchase the apartment at more than $3.8 million - about $1.2 million more than what they had first agreed to. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We bought for $2.6 million, they're gonna put it back onto the market at $4.14 million and they're gonna give us an 8 per cent discount on that," Mr Sinclair said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Solicitor Duke Myrteza, whose wife has also had her contract torn up, said it was unclear if the sunrise clause would be accepted in court.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/western-australia-charlie-park-cold-case-police-release-eerie-images-of-graffiti-in-renewed-appeal/d34813e7-3fba-4caf-8805-553bd4814510" rel="" target="_blank" title=""><strong><span>Eerie images of graffiti believed to be linked to cold case disappearance and suspected murder</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It remains to be seen whether clauses like this will be accepted by the courts, because the right is only given to the developer to terminate in these circumstances unlike a sunset clause where both parties are entitled to terminate the contract," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Sinclairs have been given until January 16 to either pay the new price or receive a refund of their deposit and interest.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They are concerned they have now been priced out of the market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I mean the building itself is phenomenal, it's spectacular, but it's definitely not worth $27,000 a square metre," Mr Sinclair said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a statement to 9News, Kokoda Property Group said it became clear that additional revenue must be secured for the development of Ruby Ruby to be feasible and that the group exercised its contractual rights to terminate the contracts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Early works have commenced and construction will continue once financing conditions are met.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span></span><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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