Following the Reve on River Terrace development being placed in recievership last month, the site is being sold in order to recover costs.  The $170m Manassa Group project, situated on a 5028sqm site in southern Surfers Paradise was to be made up of 197 apartments plus a cafe between River Terrace and Rememberance Drive.

The exact amount of debt owed to financier St. George is unknown, but believed to be over several million dollars.

River Terrace Towers Limited, the company behind the $170m ‘Reve on River Terrace’ are one of the latest local developers to go into recievership.

The 5028sqm site between Rememberance Drive and River Terrace in southern Surfers Paradise is believed to have been purchased over time for close to $14m, but off-plan sales in the new development have been slow and major financier St. George, along with several smaller companies are owed money.