VILLA World has granted Francis Wong, an extension to pay off the acquisition of the Eynesbury project.
The Malaysian born developer bought the project, which includes all undeveloped land, as well as the Eynesbury golf course land and business, for $60 million in August this year.
The completed inventory at the Eynesbury project will be retained by the Bailleu family and Villa World and will be sold to end users.
Completion of the payment is due in two tranches, the first on 1 March 2014 and the second on 1 March 2015.
At that time, Wong paid a nonâ€refundable deposit of $1 million, with a further $5 million payable by 18 November 2013.
Villa World managing director Craig Treasure said the buyer has now paid $4million of the balance deposit and an extension has been agreed for the further $1million to be paid by 22 November 2013.
Property Review
