Retirement Alliance reluctantly hands back management rights of prestige Sydney village to troubled Becton

Residents of Woniora, a partially completed prestige village in Sydney’s blue ribbon suburb of Wahroonga, have been shaken but not stirred by the unfolding problems of Melbourne developer Becton. With two mini towers built and sold, the residents have been patiently waiting for the remaining two towers to be commenced as they have been planned to provide the five star community facilities they had been promised. However the land for the two towers have been foreclosed by Suncorp who are now trying to sell it to recover their debt, rumoured to be $7M. A Becton company owns the village and the Omani Sovereign Fund backed Retirement Alliance has been managing the village since it became independent of Becton early this year. Becton CEO Matthew Chun is now dealing with residents. Both Chun and the residents report the combined objective is to have the village completed – it currently has 52 ILUs built with another 51 approved. Chun says a number of operators have expressed interest in teh village over the years and he is speaking to them.