Australia: $120 million Stonequarry project on hold

Plans for the $120 million Stonequarry residential golf course near Sydney reportedly have been placed on hold indefinitely.

A softening housing market and economic downturn were blamed for the decision by Bradcorp, developer of the project, according to The Australian Financial Review.

"The construction of the golf course has not been cancelled but we cannot say with any certainty whetherit will happen," said Bradcorp representative Peter Brennan.

He said a lack of final government approvals as well as difficulty in arranging financing had forced the decision.

Plans had called for construction of a Ross Watson-designed course, to be managed by Troon Golf.

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