Besieged Gold Coast property developer Raptis Group has been forced to place another one of its subsidiaries in receivership as the Gold Coast property crisis shows no signs of getting better.
Besieged Gold Coast property developer Raptis Group has been forced to place another one of its subsidiaries in receivership as the Gold Coast property crisis shows no signs of getting better.
Justin Walsh and Richard Dennis of accounting firm Ernst & Young have been appointed as receivers to Jeryan, a subsidiary of Raptis Group and the owner of the Piazza on the Boulevard retail centre in Surfers Paradise.
The receivers will now attempt to sell the shopping centre, which Raptis Group acquired in March 2005 when it bought the adjoining ANA Hotel (now known as the Holiday Inn) and retail complex for $106 million.
Raptis has been forced to place a number of its subsidiaries into the hands of insolvency experts in the past few months as it struggles to secure funding for its projects around the Gold Coast area.
In late December, the company placed its Rapcivic Contractors in receivership. Last September, Raptis also placed its Limdaning arm, which was developing the third tower of Raptis’s $700 million Southport Central development on the Gold Coast, in receivership.
Raptis Group’s future remains uncertain.
The company said yesterday in a statement: “The group is dependent on the support of its financiers and is working with its financiers to sell down property holdings or arrange joint ventures.”
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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