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Australian Developer Bathla Calls Administrators, Citing ‘Perfect Storm’
- On Tuesday, major Sydney-based residential developer Bathla Group entered voluntary administration, with restructuring firm Teneo appointed to oversee Universal Property Group and Raj & Jai Construction.
- Managing director Bhart Bhushan cited a "perfect storm of circumstances" for the collapse, including softening sales, rising construction costs, and Federal Government May Budget tax changes affecting the business.
- The company remains strained under more than $3 billion in debt, largely owed to private creditors, while about 15,000 properties are currently under construction across Western Sydney.
- Teneo head of financial advisory Stephen Longley said the firm's priority is to "stabilise the business," though administration has left customers in limbo regarding their homes.
- The developer's collapse complicates the Federal Government's goal of building 1.2 million homes by 2030, amid broader housing market turmoil fueled by rising interest rates and materials costs.
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Sydney developer Bathla enters administration amid ‘perfect storm’
Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me Property developer Bathla has entered voluntary administration, citing a reduction in sales, high construction costs and falling confidence in key markets. Subscribe to Lawyerly to access this article.Already a subscriber? Username or Email Address Password Remember Me Lost your password? The post Sydney developer Bathla en…
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Australian Builder Collapses Under More Than $3 Billion in Debt
Internewscast Journal Internewscast A major Sydney property developer has fallen into administration, casting uncertainty over… This Post: Australian Builder Collapses Under More Than $3 Billion in Debt first appeared on Internewscast Journal
Coverage Details
Total News Sources18
Leaning Left4Leaning Right4Center6Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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