Page last updated at 22:21 GMT, Friday, 7 November 2008

Luxury apartments 'will go ahead'

Artists impression
Duncarse has said building of the luxury flats should begin in December

The firm behind a multi-million pounds luxury housing development in Dundee has promised customers that the project will go ahead.

Fears had been raised about the future of the 202 Riverside apartments after developers Duncarse shut their city office and phone calls were unanswered.

The firm confirmed that the seven staff at the Yeaman Shore office have been made redundant.

However, the company stated that building work should begin next month.

'Revised finance package'

The development will feature one, two and three-bedroom apartments, which can cost up to about 365,000.

Mark Wilson, managing director of Duncarse Developments, said: "The Riverside development will go ahead. Duncarse is currently negotiating a revised finance package and the deal is scheduled to be completed by the end of November, with construction due to begin in December.

"Twenty-five buyers have reserved a property and continue to have a legal agreement in place for Duncarse to deliver an apartment to them. Duncarse wrote to all of the buyers last week to keep them fully informed of the position and we will continue to advise them on the revised timescales.

"Properties at the development are still available, however staff at Duncarse's Yeaman Shore office have been made redundant as further marketing will not be carried out until the revised finance package is in place."

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