More than a third of the 35 blocks from 22 to 90 Phyllis Ashton Circuit are either the sites of stalled building works or have not been developed at all even though the land went on the market almost a decade ago.

This is despite the heavy fees levied on property owners who failed to complete developments on time up until March 31, 2014, when the regulations were eased.

The Environment and Sustainable Development Directorate imposed a $150,000 fee, later believed to have been reduced to less than $50,000, on one elderly couple in 2013 while a local building company, GoldRuby Homes, estimates its fees at between $500,000 and $1 million.

Goran Josifovski invested in a block on the foreshore with other members of his family in 2009 and developed a three-storey combination apartment and commercial building.

"It was being marketed as a prestigious precinct and we paid a lot of money (for the land)," he said.

"A condition of the lease agreement (with the Planning and Land Authority) was construction start within 18 months and be completed within 30."

The family had envisaged a miniature Kingston foreshore-style precinct with vibrant commercial activity, its own cafe culture and a steady flow of people along the waterfront walking and bicycle track.

That expectation was endorsed by Gungahlin Community Council vice-president, Peter Elford.

"The promise this area (the Yerrabi Pond foreshore) has is still a long way short of being realised," he said.

"These blocks have been vacant for a long time; I would have expected the area to be complete by 2012 or 2013 at the latest. People have been disappointed in the streetscape for at least five years. It would be good to know why this is taking so long."

Mr Elford said local business people had expressed concerns over parking and the council, which can only advise and represent, had taken these to the ACT government.

"We have been told this (the shortage of parking) will be addressed once funding is available."

Nunzio Raco, the owner of Da Nunzio Caffe Bar, said his five-year-old business had succeeded in spite of the lack of development and parking.

"I had expected it would be all commercial around here," he said. "We are paying commercial rates on everything but it (development) hasn't happened.

"We have had to call the rangers (about untidy vacant blocks nearby) several times."

Mr Raco said while the walking and cycling track was popular and the foreshore was pretty, the area had not lived up to its potential.

"People don't know it (the Yerrabi Pond precinct) exists."

Mr Josifovski said while his family had done the right thing others had not.

"The blocks on either side (of us) would have been sold at around the same time (as ours). Nothing has happened there since."

The Josifovskis believe the adjacent blocks, which they have paid to secure and clean up after illegal dumping activity, are owned by GoldRuby Homes.

GoldRuby has built six units at the western end of Phyllis Ashton Circuit and is responsible for an uncompleted development of six more units residents say stalled late last year.

That site is unkempt with building waste, bags of cement and a builder's shack on the footpath.

GoldRuby's Matthew Smith said his company's holdings had been overstated.

"We own only three of the six townhouses under construction on the corner. The other three other people own and we are building for them," he said. "We own one commercial (block) further up (Phyllis Ashton Circuit)."

Mr Smith said the corner development was being self-financed and work was carried out as funds became available.

"We are aiming to finish the corner development this year and then move onto the commercial one (block) we have left."

He said good progress had been made on one of the units over the past five months.

"The roof is already on and we are just about to sheet the inside of it out."

And the condition of the blocks? "Our sites are fenced and we keep going back and cleaning them. We are due (to do) another clean as over Christmas dumping is rife on builders' blocks."