odd is one way to describe it... have they explained all this Redwing? Are they sending you financials, cashflows etc? was this capital raising envisaged from the gecko?
safest investment is a govt backed bank account. Development is never "safe" so I think you are barking up the wrong tree if that's what you are after - but have a flutter by all means. fortune favours the brave and all that.
why would anyone sell at half price? unless they were using your money... in which case you aren't buying a block at half price, you are a developer with all the risk associated