Ralan Group is the latest Australian property developer to collapse.
The Sydney-based apartment builder is reportedly $500 million in the red.
Ralan Group entered voluntary administration last week.
Creditors include Westbank Bank and Melbourne’s Wingate.
According to this item published on The Urban Developer, billions of dollars worth of Ralan Group apartment projects are now in doubt including in Arncliffe and Turramurra, in Sydney, and and its flagship project, Gold Coast’s Ruby Collection.
Established in 1993, Ralan Group has built hundreds of apartments in Sydney’s suburbs including Burwood, Lindfield and Mascot.
In 2015, Ralan Group paid the Pellicano family more than $70 million for the Gold Coast site where it later obtained a permit to build Ruby Collection: a mixed-use village containing four towers.
Ralan Group controls about 50 subsidiaries, which are also in administration.
Last month we reported that Melbourne apartment builder Steller was placed into receivership with debts said to be worth more than $100 million.
The apartment market has been hindered by a fall in demand for off-the-plan dwellings, rising construction costs, and a tightening of credit by Australia’s major banks.