Russell said negotiations were almost concluded.
Union Green, on Union St near Spaghetti Junction, has been abandoned only partially built since early August when the original main contractor, Ebert Construction, stopped work.
It subsequently went into receivership and liquidation.
Graffiti, blank street-side hoardings and lack of building activity has left buyers worried.
One person who paid just under $100,000 for an apartment due to be finished last year, and settled for just under $1m, regrets paying the deposit which could have been invested in finished buildings.
The buyer, who asked not to be named, criticised a lack of work as well as lack of communication.
Buyers could have been treated better, the person said.
The only recent correspondence had been in September from the developer's lawyer Glaister Ennor telling buyers of Dominion's involvement as "preferred contractor" but appointment subject to the client finalising terms.
The buyer understood that the developer had been caught by a builder's failure but said it was extremely worrying for those who had paid deposits when they saw lack of activity on the site week after week.
Moinfar said communications had been via his company's solicitors and that buyers would soon get another letter, he said.
"Buyers will be provided with a further update once we can confirm the recommencement of works on site," he said.
