The future of a $1.2-billion Olympic precinct tower project is uncertain after details of a Brisbane developer’s troubled financial situation were revealed.

Chalk Development, a subsidiary company holding development rights for the project, has entered administration and receivers are now seeking buyers for the 9000sq m Woolloongabba site.

However, project leader Peter Priest said media reports of a ‘collapse’ were exaggerated and that while Chalk Development had entered administration, the broader Station Square development continued under his direction.