Australian Securities and Investments Commission data shows that in the nine months to the end of March, more than 2000 construction companies entered administration and represented the greatest number of company failures, accounting for nearly 27.7 per cent in that period.
According to now-deleted content on Bensons’ website, one of its core values is integrity, stating it will “deliver on our promises, on the homes that we create, which are dependable and reliable, and built on time”.
Property developer Elias Jreissati in 2002.Credit: Viki Lascaris
Bensons, founded in 1994 by self-made developer Elias Jreissati, focused on building large and luxurious apartments blocks in Victoria, Queensland and Tasmania.
This included Chevron One, touted as the first high-rise residential tower on Chevron Island in Surfers Paradise, with 41 levels and 236 apartments.
In Armadale, in melbourne’s inner south, Bensons’ Society Armadale homes were described as a “private sanctuary” that would “stand the test of time”.
In a statement, Bensons said it believed voluntary administration offered the best opportunity to “get through this period and come back stronger” during an extremely difficult time for developers.
Jarvis Archer,…
