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The Simonds Family Office is not pushing ahead with an office project on South Yarra’s Chapel Street and will instead invest in its first US-based project.
The ASX-listed volume builder said housing starts fell 18 per cent in the year to June, but sales are now picking up.
The sale came after the family had to dip into its own pocket to underwrite a capital raise for ASX-listed home builder Simonds Group.
As it slumped to a loss, the volume builder said continuing demand for homes even after the end of the HomeBuilder stimulus was keeping up pressure on costs.