Parts of multi-billion dollar developer Caydon, which is behind hundreds of apartments in melbourne, have gone into liquidation.
Joe Russo, managing director of the prominent Asian-backed developer, said the company had been dealt one difficult market situation after another in the last few years, including prolonged Covid lockdowns.
The latest “confronting” challenge was pricing factors affecting the Australian property and construction industry.
“Since the inception of Caydon we’ve delivered some amazing projects, including over 3000 apartments, hotels and offices, all of which I am immensely proud of,” Mr Russo said in a statement.
“Sadly, over the last few years, Caydon has had to deal with one difficult market situation after another.”
He pointed to Covid disruptions as having caused business uncertainty and severely impacting sales.
“Pressure on construction costs resulting in builder insolvencies and supply chain interruptions, and now the interest rate pressures and negative house price sentiment, has placed additional pressure on our operations,” Mr Russo said.
“It has been extremely difficult to make this decision, but to ensure the best possible outcome for all of our partners and customers, we have had…
