Mr Ngu said this week that he still planned to turn the building into an up-market hotel and function centre, as soon as he found a partner for the venture and settled on a builder.

Speculation arose this week that the iconic building might find its way back onto the market after it emerged that Mr Ngu's company Newtown Developments had gone into voluntary administration following a wind-up application by the tax office.

But Mr Ngu said the administration was merely the result of a tax dispute.

"I can walk away from Newtown Developments if I have to," he said.

"It has no assets. It is just a project management company."

The post office was held through another company that had no financial problems.

"The funding is in place and Newcastle is going to be proud of what we do," Mr Ngu said.

Newcastle City Council lists the owner of the building as Van New International.

Australian Securities and Investments Commission records state that Mr Ngu is Van New International's sole director and secretary and the owner of both of the company's issued $1 shares.

One of Mr Ngu's business associates, Newtown real estate agent Steve Kremisis, said Mr Ngu was seeking a partner in the project.

Mr Ngu said late last year he was just about to announce the name of the builder who would do the job and work would begin almost immediately after that.

This did not happen, and Mr Ngu said this week the delay was because the chosen builder had become too busy with work elsewhere.

Mr Kremisis said Novocastrians should not get impatient.

"It took five years to get development approval. A few months finalising the project shouldn't be a big deal," he said.