FTD Construction’s website promoted these unfinished Scaddan Street apartments as costing $2m to build and the completion date as February 2024. Picture: Gera Kazakov

Property investor collapses

FTD Construction – who were building apartments on Scaddan Street in Bassendean – have entered liquidation.
February 1, 2024
Anita McInnes

A DEVELOPER with partly-built apartments on Scaddan Street hit with a demolition order by the Town of Bassendean has gone into liquidation.

In its website promotion to potential investors FTD Construction – also known as Fulfil The Dream – said the eight apartments it was building on Scaddan Street would be worth $3.8 million once completed.

Last year in September the building services board refused to renew the company’s building contractor registration as the board was not satisfied that the company met financial, management and supervision requirements for registration.

As reported in Unfinished Bassendean apartments to go the Town of Bassendean has issued a demolition order saying it was concerned with the development.

The town said it could not provide any more information as the demolition order was subject to an appeal with the State Administrative Tribunal.

Then on Tuesday, January 30 an Australian Securities and Investments Commission (ASIC) announcement said at a general meeting of the members of the company held on January 29, it was resolved that the company be wound up and that Mathieu Tribut be appointed liquidator.

This prompted Building and Energy to recommend that property owners affected by the liquidation of FTD Construction to contact their home indemnity insurance (HII) provider, QBE Insurance, if they have not already done so.

Building and Energy acting executive director Peter Stewart said homeowners with incomplete or defective building work by FTD Construction should contact QBE on 1300 790 723 to discuss their HII policy.

“Home indemnity insurance provides financial protection for homeowners if their builder faces circumstances such as insolvency or loss of their builder registration,” he said.

“Contacting the insurance provider enables homeowners to begin the process of engaging another registered builder to complete the work or managing other remedies they may be entitled to.”

Mr Stewart said subcontractors affected by the insolvency should contact Mathieu Tribut of GTS Advisory, who has been appointed liquidator, on info@gtsadvisory.com.au or 9223 7900.

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