Nicson Property Group goes into liquidation owing at least $140,000 to creditors
A Keysborough apartment developer behind the multimillion-dollar Doncaster Hill project has gone into liquidation. It comes just weeks after two other high-profile developers went under, abandoning and selling off part-finished projects and leaving investors in limbo.
South East
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A Keysborough developer behind the large-scale Doncaster Hill complex has ceased trading.
Nicson Property Group, which specialised in residential apartments and townhouses in Melbourne’s inner-city suburbs, was ordered into liquidation by the Supreme Court on April 10, with liquidator Mackay Goodwin appointed.
The company owes at least $140,000 to Kyriacou Architects, which was involved with the $35 million Doncaster Hill project, ASIC documents obtained by the Leader show.
It comes after it was revealed development giant Steller had wound up operations, fired workers and was selling off part-completed projects.
The Zealous Property Group has also gone under, leaving almost a dozen property owners in the lurch with partly-built homes, the Leader revealed on June 5.
A spokesman from Mackay Goodwin said Nicson had ceased trading, and previously operated as part of a group of companies which traded as a property developer in Victoria.
“Our investigations are continuing in respect of the company’s former trading and we have requested the company’s books and records, which will be investigated once received,” he said.
>> Have you been affected by the Nicson liquidation? Email suzan.delibasic@news.com.au
Nicson owner Johnson Tran, who launched the company in 2012, had worked on more than $180 million in projects, including hotels in Doncaster, West Melbourne and Elizabeth St, and a 70-townhouse residential and retail complex in Footscray.
According to website Dynamic Business, Mr Tran was the “definition of success”, as the son of refugees who fled communist Vietnam on a boat and arrived in Australia with nothing.
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Property expert and advocate Catherine Cashmore said the recent property industry turmoil came as no surprise, and the Financial Services Royal Commission had played a “significant role”.
“Developers take on a huge risk when they invest in massive projects because they don’t know what market they’re building into,” Ms Cashmore said.
In Ms Cashmore’s own development arm, 14 apartment buyers couldn’t settle last year as they were denied finance.
“It’s a shame to hear about this downturn when prime urban land can’t be used.”
The Leader made several attempts to contact Johnson Tran and Kyriacou Architects.