The administrators of construction giant St Hilliers have confirmed there are no guarantees that work on multimillion-dollar projects will resume.
Administrators took over the company’s construction division last week, stopping work on 21 development projects.
Master Builders Association New South Wales executive director Brian Seidler said it was “unfortunate”.
“The number of insolvencies is just extraordinary,” he told ABC Central Coast Breakfast.
Most of the apartments in this unfinished complex on Gosford’s waterfront have been sold. (ABC Central Coast: Emma Simkin)
Mr Seidler said while not all projects were having problems, it was clear many companies were feeling negative impacts from a challenging couple of years.
“[They were] building at prices that weren’t sustainable. [There was] an increase of labour costs and the increase of material costs,” he said.
“Buildings built…
