OTP - Kingswood NSW - Thoughts

Hi All,

A good friend's uncle has placed a deposit on a 2 bedroom apartment off the plan. The project is located in Kingswood/Penrith NSW . The complex is being built on vacant land across from the Nepean Hospital. The advertisement read :
BRAND NEW APARTMENTS

  • Nepean Private & Public Hospital precinct Off the plan, stage one
  • Located on the corner of Great Western Highway & Parker Streets, Kingswood with access via Barber Street
  • Located on levels 4 & 5, this world class development is a first for Penrith area
  • Lower levels are retail & commercial premises
  • Offering 1 & 2 bedroom apartments with all of todays comforts and security
  • This is a fantastic opportunity for investors
  • Starting from $325,000 for 1 bedroom. Over $399000 for 2 bedroom.
  • Expected completion date 30th June 2017

My friend has secured one of the units for $440,000 I believe. After some time to think he is getting itchy feet and is considering bailing on it. He asked me if I would be interested in it. All the units are sold now. Having never done OTP I am a little nervous. I do know the area and if it goes ahead it is in a great location, next to the Private Hospital, across from the Public Hospital, close to Penrith/Kingswood Railway stations, University, M4.....

My concerns are :

Possibility of it not happening at all ? I have seen portables and clearing there.
Am I paying too much for a 2 bedroom unit.
Is this a niche market being surrounded by doctors, medical services, clinics etc ?

Any advice is greatly appreciated. He may not even sell it to me. I think he has only placed his $1000 holding deposit down with real estate at this stage. Am I only giving him that back or is it more complicated than that.

thanks in advance. Sorry for such a long winded one just never had this issue before.
 
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