Their contract was torn up days before Christmas. Now they’ve been asked to fork out an extra $1.2m

2 months ago 6

By Josephine Shannon

January 6, 2026 — 8.01pm

A retired Brisbane couple had their off-the-plan luxury apartment contract torn up just days before Christmas, due to a “sunrise clause” allowing the developer to terminate the agreement.

Now it has been offered back for a much steeper price – more than $1.2 million than what they first agreed to.

Enticed by high-end finishes and the idea of “luxe living” at Milton development Ruby Ruby, Daniel and Pascale Sinclair purchased a three-bedroom apartment off-the-plan after selling their business in 2024.

Daniel and Pascale Sinclair, who had a contract to buy an off-the-plan apartment in the Brisbane suburb of Milton.

“Their history, apparently, was very honourable, and above board ... they’re a $5 billion company,” Daniel Sinclair said of developer Kokoda.

Delays began soon after the pair paid a deposit of $257,000.

“We bought in ’24, they were supposed to start building January ’25,” he recalls. “Nothing happened, no demolition, no builder on site, no announcement... nothing.”

Daniel and Pascale Sinclair were enticed by Ruby Ruby’s high-end finishings and the promise of “luxe living”.

Then their off-the-plan contract was terminated late last year. The couple received an email from the developer just three days before Christmas.

“Given the Queensland builder shortage and after being unsuccessful in securing a builder in Queensland, we engaged with our network of builders in Melbourne to encourage them to set up their business and construct in Queensland,” the email read.

“We are pleased to share that the builder who is proposed to deliver the construction of Ruby Ruby is Maxcon Construction ... The continuation of the building contract and construction is subject to Kokoda obtaining finance approval.

The Ruby Ruby construction site in the Brisbane suburb of Milton.

“As a result of (a) the significant escalation in the build cost; and (b) the shortage of suitable builders delaying security a builder, we are only able to secure a suitable funding package for Ruby Ruby after the revision of prices … Regretfully we have no other viable option but to terminate all existing contracts and resell apartments at higher prices.”

The Sinclairs were then offered the chance to repurchase the apartment at $3.815 million.

“We bought for $2.6 million, they’re going to put it back onto the market at $4.14 million, and they’re going to give us an 8 per cent discount on that,” Daniel Sinclair said.

Duke Myrteza, a solicitor advising the Sinclairs, says his wife also had her contract to buy at Ruby Ruby torn up.

“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.

The developers have given the Sinclairs until January 16 to either pay the new price, or get a refund of their deposit and interest. But the couple are concerned they have now been priced out of the market.

Kokoda Property Group told Nine News that it needed additional revenue for the development of Ruby Ruby to be feasible.

“As a result, Kokoda Property Group has exercised its contractual rights to terminate the contracts. Buyers have been offered the opportunity to secure their residence at revised pricing.

“Kokoda Property Group remains fully committed to delivering Ruby Ruby to the high design and quality standards for which the Group is known. Early works have commenced, and construction will continue once financing conditions are met.”

Real Estate Institute of Queensland chief executive Antonia Mercorella said there were often legitimate reasons for a developer to terminate a contract, and Queensland was the most expensive jurisdiction in Australia for new construction.

For the Sinclairs, the prospect of moving into Ruby Ruby feels more distant than ever.

“The building itself is phenomenal, it’s spectacular, but it’s definitely not worth $27,000 a square metre,” Daniel Sinclair said.