Customers of collapsed builder Qattro attend crisis meeting to determine future of their homes

“Stressed” customers of the collapsed builder were hoping Thursday’s crisis meeting would reveal crucial information on what comes next.

Hans and Annemarie said the home they were involved with was due to be completed in February. Picture: Ben Clark

More than 70 customers of collapsed builder Qattro have attended crisis meetings over two days where representatives from developer Kite Property provided clarity on what happens next.

The homebuyers were invited to the meeting by Kite Property managing director Damon Nagel at their office on Angas St just days after Qattro went into liquidation.

Mr Nagel ushered people into the office building but media was not permitted to attend the meeting.

Hans and Annemarie, who didn’t want their surname published, told The Advertiser as they walked into the meeting they were helping their son buy a home at Dock One through Kite Property, which was supposed to be ready by February last year.

The couple said while the land had been settled in their son’s name, it remained incomplete and they were hoping to get answers at the meeting.

“They’re still trying to work it all out with the builders,” Hans said after leaving the meeting at roughly 7:20pm.

“They have three builders they’re looking at ... and they’re working it out with the insurance company to get the best deal.”

The couple said overall they were “satisfied” with the response.

The Kite Projects office. Picture: George Yankovich

The state government’s development arm Renewal SA awarded Kite Property the right to develop the Dock One project in Port Adelaide back in 2016.

Earlier on Thursday, Michelle, 52, told The Advertiser she bought a block at Dock One in Port Adelaide more than two years ago and had been left without a completed home.

“You keep on thinking, ‘it’s going to be now’,” Michelle, an assistant construction manager herself, said.

“Obviously it’s stressful.”

Michelle said she would visit the site “most days after work to see the progress” to reassure herself, until progress suddenly stopped.

She said the situation was “really hard” because she had left her rental property in anticipation of moving into her new home and was living with her partner.

“People thought they were going to be in their homes a year ago,” she said.

“A lot of us (owners) are still processing and looking at our options.

Westpac Regional GM Commercial Banking SA Matthew Steinert and Qattro Managing Director Bradley Jansen at MardenConnect Picture: Keryn Stevens

“At the moment all I want is to get my roofing on and finish the front facade.”

Michelle said she “feels for the tradies” who would have to scramble to find additional work.

However, Michelle said she was not surprised by the collapse as she was on a fixed contract and noticed building prices going up.

“I was preparing myself for this to happen,” she said.

“If costs go up where does the money come from?

“No one will be a winner out of this.”

In all, about 200 homes currently under construction, worth more than $110m in total, have been affected by the collapse of Qattro.

Smaller developments at Underdale, Torrens Park and Lightsview are also affected.

Qattro’s liquidator, Chris Powell from Duncan Powell, told The Advertiser the developers had already begun discussions with a number of interested parties to take over completion of the outstanding projects.

“There’s been delays obviously on a number of the projects that Qattro has been engaged in … but these things will get completed, and hopefully the owners at the end of the day won’t be too much out of pocket,” Mr Powell said.

Qattro sole director Bradley Jansen released a statement on Tuesday saying despite his team’s best efforts, the company had been placed in liquidation.

Mr Jansen said he was devastated by the decision and they had fought hard in the face of large cost increases.

“The reality is ongoing supply-chain and labour shortages mean that there is too much cash stuck on near-completed projects to meet the immediate obligations of the company.

“New projects secured are profitable, however the existing projects with underwater fixed price contracts are still weighing too heavily on the ability to get to the other side.

“The reality is that selling something under contract for $1.00 that costs $1.20 to produce can only go on for so long. Unfortunately, the industry has watched this unfold over the past three years and continues to, without knowing when it will subside.’’

Affected homebuyers should contact DuncanPowell on [phone].