First published 16 Nov 2026, 4:00am
Unit sales for a 26-storey tower by the Brisbane River have restarted as construction moves forward, after an abrupt price change terminated previous buyers’ contracts.
Kokoda Property Group’s ‘Ruby Ruby’ development in Milton was first marketed in 2024, offering 114 one to three-bedroom units with prices beginning at $654,000.
But just before Christmas 2025, contracts were terminated by the developer, who said they needed to revise their pricing to keep up with development costs.
Sales have restarted for ‘Ruby Ruby’ in Milton, after developer Kokoda Property cancelled the project’s previous contracts due to rising build costs.
The most affordable one-bedroom apartment now sits at $840,000, while some two-bedroom units begin at $855,000.
Building company Maxcon has started construction on site, with completion expected in 2028.
An “Experience Studio” has also been opened in Kokoda’s nearby development The Ambrose, giving buyers the chance to walk through builds of the available units before construction is complete.
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The 26-storey building offers one, two and three-bedroom units for sale, with prices beginning at $840,000 for a one-bedroom apartment.
Units originally began at $654,000 when the project was first marketed in 2024.
Kokoda Property founder and managing director Mark Stevens said several buyers who placed a deposit when the project first launched had bought back in after the new price changes.
“We’ve always believed in the vision for Ruby Ruby, and it’s particularly encouraging to see purchasers recommit to the project,” he said.
“That confidence reinforces our commitment to delivering something exceptional for Milton.”
Retiree Daniel Sinclair and his wife Pascale were asked to pay an extra $1.2m on their three-bedroom home in Ruby Ruby after prices changed. Picture: Liam Kidston
Retiree Daniel Sinclair said he and his wife paid a $257,000 deposit for a $2.6m three-bedroom home off the plan when the project first launched, but were then asked to pay an extra $1.2m when costs changed.
“That extra $1 million was meant to be shared with our two married children and two grandchildren,” Mr Sinclair said.
Mr Sinclair said he would no longer buy into a development more than a year out from building, but knew this was an impossible ask for many buyers.
“Trouble is you want to buy early to get the best apartment at the best price, so you are stuffed either way,” he said.
Kokoda Property said the price changes were due to skyrocketing construction costs across the development industry and limited builder availability.
Kokoda Property told The Courier Mail additional revenue was needed to finish financing the project, thanks to spiking build prices since the tower was announced.
“Since Ruby Ruby was launched, the industry has faced extraordinary conditions including severe shortages of key construction materials, limited availability of contractors, labour constraints, unreasonable pricing practices, and the insolvency of various builders and subcontractors,” the statement said.
“These issues have resulted in construction costs increasing at unanticipated and unprecedented rates, to a point where the project could not satisfy funding requirements at the existing contract sales revenues.”
Construction is now underway with building company Maxcon, with completion expected for 2028.
The project was approved in late 2023, and will offer its eventual residents a range of wellness amenities with views overlooking the river and the nearby CBD.
These include an infinity pool on the roof of the building, a gym and yoga studio, a private cinema and several dining and co-working spaces spread across the project’s floors.
Private appointments are available with Kokoda Property to inquire about remaining homes.
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