The developers of City Rise at 27 Scott Street, New World Group, appear to have put the site on the market. This is perhaps not all that surprising — marketing for the project had gone quiet since the start of the year, and their Facebook page (based around a free smart car promotion) disappeared a few months ago.
While not a complete surprise, the sale of the project is still a little odd. New World Group only recently appointed the builder (Platinum Construction), they had sold most of the retail space, and they gave the impression for a long time that they were only a few apartment sales away from being able to proceed. What's more, the recent completion of the town square, along with developments underway (ATO and Mosaic) or in the pipeline (Quest and possibly, but particularly, the private health precinct) ought to be making the apartments much more attractive now than a few years ago.
This may not mean the fall of the project as a whole. Presumably they still have many apartment pre-sales on their books, which will make the offer quite attractive to buyers. Furthermore, a new developer can often take a new approach to make a project viable. Some projects (such as 124 Foster Street and 219 Thomas Street) have also changed hands recently, with only refinements in direction.
Nonetheless, the fate of 27 Scott Street is now unclear, putting in doubt the only realistic near-term prospect for apartments in the CBD — the one thing that is widely agreed upon as needed for Dandenong's transformation.