The developer of the $1.5-billion Teneriffe Banks project on the banks of the Brisbane River has shut down claims the project is on the rocks. 

Kokoda Property Group told The Urban Developer that the closure of one of its holding companies was unrelated to the precinct project. 

Media reports that Riverd Pty Ltd, a Kokoda-affiliated company, had entered voluntary administration, supposedly putting the Teneriffe Banks projects in jeopardy, hit the headlines late last week.