A lack of regulation by the NSW government has been blamed for the collapse of a major Sydney development company, leaving thousands of owners in limbo.
Key points:
- Toplace Pty Ltd has gone into voluntary administration
- Stuctural defects have been found at several of its developments
- Premier Chris Minns insists the building commissioner will be tough on industry compliance
Administrators from DVT Group have been appointed to Toplace Pty Ltd, owned and founded by developer Jean Nassif who is overseas and accused of fraud offences.
The company claims to have built about 30,000 properties across Sydney, and structural defects have been identified at several of its developments.
The state’s assistant building commissioner on Friday issued an urgent building work rectification order for Toplace’s Vicinity complex at Canterbury, over “potential serious defects”.
Jean Nassif, the founder of Sydney property group Toplace. (Supplied)
The NSW Civil and Administrative Tribunal also last week revoked stays placed on suspensions of Mr Nassif’s and Toplace’s building licences.
It came after NSW Fair Trading last year cancelled the licences after identifying serious defects at the company’s Skyview project in Castle Hill and the Vicinity complex.