Wellington, Sept 25 NZPA - Receivers of a $250 million property development north of Auckland say they are receiving good advice about options available for the project.

Whisper Cove, beside a former Salvation Army camp at Snells Beach about 75km north of Auckland, was to be a 160-residence 16ha waterfront development but went into receivership in June.

It was one of two, big residential developments north of Auckland to collapse.

The other is Kensington Park Properties, which was developing a $450m housing project at Orewa. It went into receivership a fortnight ago with only about 60 of the 750 houses the company planned on the former Puriri Park camping ground having been built.

At Whisper Cover just 36 units were built and the site has been abandoned for months after big money problems, leaving a string of subcontractors, builders and others owed more than $2m, The New Zealand Herald reported today.

KordaMentha are the receivers trying to rescue both projects.

Grant Graham of KordaMentha said good advice was being received about options available for Whisper Cove, and a decision was likely in about a month.

Meanwhile, Kensington Park boss Patrick Fontein is assuring would-be buyers their money is safe.

Deposits were in a lawyer's trust account, while money paid by those who had moved in and paid into a residents' society was also in an independent bank account.

"None of these funds are at risk."

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