This article is from the Australian Property Journal archive
CONSTRUCTION giant Probuild is facing collapse a year after Treasurer Josh Frydenberg rejected a $300 million sale. Thousands of workers across the country were told to leave work sites yesterday, putting more than $5 billion worth of projects in jeopardy.
Australian Property Journal can confirm that security guards were posted at 6PM last night across all its construction sites.
Deloitte is set to be appointed voluntary administrator, APJ contacted Probuild and Deloitte but both were unable for comment.
It comes just over a year after Treasurer Josh Frydenberg used national security grounds last month to scupper a $300 million sale of the company by its South African parent, Wilson Bayly Holmes-Ovcon, to China State Construction Engineering Corporation.
The company has about 500 staff, with potentially thousands more working as sub-contractors.
Speculation has been swirling about the company’s future with works on Far East Consortium’s $2 billion West Side Place and Ritz Carlton project on the former site of The Age in Melbourne falling behind.
Photo: Note Viriyarat (Australian Property Journal)
Probuild’s clients are who’s who of local and global property heavyweights.
The projects under construction include the Ribbon in Darling Harbour, a development Probuild took over last year after rival construction company Grocon declared insolvency.
Other projects include:
- The Caufield Village Precinct in Melbourne’s south-east for Blackstone, the private equity giant’s first Melbourne build to rent project, comprising eight buildings with 437 apartments and 3,800 sqm supermarket
- UNO Melbourne – 65-level skyscraper comprising 630 apartments for Malaysian developer SP Setia;
- CSL new headquarters and research lab in North Melbourne;
- Elizabeth North in Melbourne, a 16-storey education and biomedical building by developer PDG Corporation;
- West Side Village in Melbourne for Hong Kong conglomerate Far East Consortium, the dual tower development includes 1,376 apartments and 263 rooms Ritz Carlton hotel;
- Greenland Centre in Sydney, Sydney’s tallest residential apartment tower on behalf of Chinese developer Greenland. The 67-level 235-metre will comprise 479 apartments;
- 443 Queen Street Brisbane, the city’s first subtropical apartment tower for CBUS Property;
- 502 Albert Street, 15-storey 150 hotels for Woodlink;
- The 29-storey Victoria University City West Tower, poised to become Melbourne’s tallest vertical campus;
- Exchange, Curtain University’s first precinct in the Perth campus which will include three buildings – two student accommodation providing 750 beds, and a third comprising 40 apartments and 60 hotel;
- The 41,000 sqm refurbishment of Sydney’s landmark MLC Centre for ASX-listed REIT Dexus;
- The $190 million, 28 storeys 10,000 sqm office building at 130 Little Collins Street for Jeff Xu’s Golden Age Group.
Probuild’s previous projects include the Melbourne Convention Centre and Victoria Police’s new headquarters.
