At present, many workers on site were "fatigued with it all", Hay said.
"Timing-wise, I think everyone is going to bugger off and have a two or three-week break, come back feeling refreshed, and give it the real nudge that's needed at the beginning of next year to get it across the line."
Hay said practical completion was very near in 15 units, but there had been complications with five of the two-storey, waterfront apartments.
"That's in terms of making sure all the fire requirements are met. There has been some additional work and challenges around that.
"They've now been resolved."
Covid-19 restrictions this year had meant the architect and fire engineers weren't able to travel to Whanganui from Auckland.
Hay said he appealed to the Government to secure their passage south but was unsuccessful.
"The architect couldn't get here for three months, so that was a major issue, really.
"Again, you just have to deal with it, don't you? Jumping up and down won't get you anywhere."
The latest delay had caused an enormous amount of stress and anxiety among the older people who were preparing to move in, and that was his biggest worry, Hay said.
"Some of them are in their 70s and 80s. In good faith, they have sold their homes in anticipation of settlement taking place much earlier and it hasn't.
"I've told them I'm doing my best, and it doesn't help right now, but in a couple of months when you've moved in and you're enjoying living on the waterfront, all of this will be a distant memory.
"It still doesn't make you feel good, though."
No one had put their apartment back on the market, Hay said.
The majority of purchasers were "retired or about to be retired people".
"Property values have increased in Whanganui, of course, so that's a plus. All the people who bought in have done very well financially out of the project.
"Outside of the serious inconvenience to those older folks, I think most people are quite relaxed about it because they've got an increasing asset which they haven't had to pay for yet.
"That softens the blow."
Hay said two one-bedroom apartments had gone on the market this week, but those were owned by Bridgewater Quay itself.
"They are ready for the carpets to go down.
"It'll be interesting to see what happens with them. The sales close on January 15."
The neighbouring section, which was previously the Whanganui Chronicle printing factory, has now been sold.
"I'm 73 now, and it's time for me to move on," Hay said.
"We've done what we set out to do, and that's to make use of a 50-year-old building and not have it sitting empty, which it was for many years.
"I personally believe there's an outstanding opportunity for residential development along this strip between the two bridges [City and Cobham].
"I think that will happen over the next 20 years or so."