As someone living in a house that was purchased from a bankrupt building project, I wouldn't touch new builds with a 10-foot bargepole.

$19m invested into a 7.25% 4-year bond with compound interest leaves you with over $6m before tax. This is why the smart developers build to let, then sell after 20 years :) The cheapest way to build smaller developments is often to buy up a condemned or very old building including land rights then demolish what's up top for the land. Plus that way you get to play with explosives and/or big cranes.