Gold Coast builder Skyfield Homes in voluntary administration, related company Focus Living still trading
A Gold Coast builder with 38 half-built homes including Brisbane is in administration, with $1.5m-plus in debts. Now subbies are wondering what it means for a related company too
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
A Gold Coast builder has gone into administration, leaving 38 unfinished homes in limbo and a trail of more than $1.5m in debts.
Category three builder Skyfield Homes has construction sites in Nerang, Helensvale, Hope Island and Brisbane.
Sites across the Gold Coast fell silent, and the company’s website and social media was taken down, after administrator Michael Caspaney of Menzies Advisory was appointed on Monday.
Skyfield subcontractors have questioned why staff asked them to complete subcontractor forms for related company Focus Living in the weeks before Skyfield went into administration.
Focus and Skyfield are both directed by Dazhi Wang, 39, whose registered address is in Robina. Skyfield is also a shareholder of Focus Living.
The Gold Coast Bulletin has seen emails – including one which had both the Skyfield and Focus logos at the bottom - seeking Skyfield subcontractors’ “prompt attention” in completing Focus Living onboarding forms.
In another email, a staff member introduced herself as “the new accounts manager for Skyfield Homes and Focus Living”.
The website for Focus Living was registered using the business name and number for Skyfield, while the voicemail recording for Skyfield Homes tells callers “thank you for calling Skyfield Homes and Focus Living”.
The Gold Coast Bulletin has been unable to contact anyone from the companies.
Mr Caspaney said early estimates showed Skyfield was at least $1.5m in debt.
“At this stage, we’ve only been in the chair since Monday, so we’re doing everything we can to secure the sites and all the other things we need to do,’ he said.
Ms Caspaney said he was aware of Focus Living.
A creditor meeting will be held on February 29 at a location that’s yet to be confirmed.
Skyfield has a complex web of ownership, with individual shareholders include Gang Chen of New Zealand, Zhiyong Sun of Helensvale and Nikola Brac of Sunnybank.
Skyfield’s major shareholder is Southport company Sea & City Australian Investment, which has numerous shareholders of its own, many of them companies who in turn have their own shareholders.
Skyfield’s builder licence was suspended for two months last year for failing to satisfy financial requirements.
It was licensed for maximum annual revenue of $12m-$30m.
The licence shows it booked 25 jobs for revenue of $17.36m in 2021-22, dropping sharply in 2022-23 to four jobs at $4.1m.
The company’s licence had no nominee as of Wednesday.
Focus Living holds a licence for the same category, which it obtained in August 2021.
It logged 13 jobs for $3.89m in 2021-22, dropping to five jobs for $1.9m in 2022-23.
It has not registered any work for 2022-23.
Green hydrogen hype fast runs out of steam
The glow of the superfuel is fading fast and this demands a rethink of its role in the path to net zero.
Revealed: Real reason behind Coast’s record property prices
The supply of new Gold Coast units on the market has plummeted, with a report warning the crunch on the property sector has worsened in the past 18-months.