Jonathan ChancellorJuly 31, 2019
The Ralan Group, one of the country’s biggest private apartment developers, has fallen into administration with debts estimated at around $500 million.
Falling victim to sluggish unit prices amid a tough sales environment, the collapse will trigger job losses in the already east coast contracting construction industry.
Grant Thornton have been appointed to the group’s 58 companies, which undertakes developments of apartments across sydney and serviced apartments on the gold coast.
The group’s current project is 213 Princes Highway, Arncliffe (above) designed by Stephen Bowers Architects.
The project is backed by Westpac and the melbourne-vic” target=””>Melbourne-based non-bank lender Wingate.
Its head office was in Chatswood.
The first creditors meeting will be held in Sydney on August 9.
The little known company founder, the Welsh-born William O’Dwyer, 53, is Bellevue Hill based where he owns a $5.7 million home.
He has been involved in the development of property since 1993, then founding The Ralan Group in 1998.
The Ralan Group currently has a development pipeline of over 3,000 residential units which are in the…
