The plan by the way was to flip a lot of it, rumours they actually sold on part of it, think for a retail park.The key element was to get a shopping centre and Major Town Centre zoning afaik. they developed land in the immediate area previously.
Think if you read it objectively you’ll see most of the reasons connected to the bubble bursting are flagged
Building in house price rises
Conditional on interest rates remaining low
Need to get high rise
Private equity (much of it from the banks) becoming involved and fuelling price rises
et al