Their contract was torn up days before Christmas. Now they’ve been asked to fork out an extra $1.2m

“We are pleased to share that the proposed builder to deliver the Ruby Ruby construction is Maxcon Construction… The construction contract and continuation of construction is subject to Kokoda obtaining financial approval.

“As a result of (a) the significant increase in the cost of construction and (b) the lack of suitable builders, which has delayed the security of the builder, we are only able to provide an adequate financing package for Ruby Ruby after the revision of prices… Unfortunately, we have no viable option but to terminate all existing contracts and resell the flats at higher prices.”

The Sinclairs were later offered the chance to buy the condo back for $3.815 million.

“We bought it for $2.6 million, they’re going to put it back on the market at $4.14 million and give us an 8 percent discount on it,” Daniel Sinclair said.

Duke Myrteza, an attorney advising the Sinclairs, says his wife also had her purchase agreement from Ruby Ruby torn up.

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“It remains to be seen whether clauses such as this will be accepted by the courts because, unlike a termination clause where both parties have the right to terminate the contract, the right to terminate under these circumstances is given only to the developer,” he said.

The developers gave the Sinclairs until January 16 to either pay the new price or get their deposit and interest back. However, the couple is now worried that their prices will drop from the market.

Kokoda Property Group told Nine News it needed additional revenue to make the development of Ruby Ruby possible.

“As a result, Kokoda Property Group exercised its contractual rights to terminate the contracts. Buyers were offered the opportunity to secure their homes at the revised price.

“Kokoda Property Group is fully committed to delivering Ruby Ruby to the high standards of design and quality for which the Group is known. Initial works have begun and construction will continue once financing conditions are met.”

Real Estate Institute of Queensland chief executive Antonia Mercorella said there were often legitimate reasons for a developer to terminate a contract and Queensland was the most expensive region in Australia for new builds.

For the Sinclairs, the possibility of switching to Ruby seems more remote than ever.

“The building itself is phenomenal, it’s magnificent, but it’s certainly not worth $27,000 per square foot,” Daniel Sinclair said.