Bensons Property Group Enters Voluntary Administration Amid Construction Industry Struggles

The developer of major luxury projects, including a 41-level Gold Coast tower, aims to continue operations and protect stakeholders during financial restructuring.

• Bensons Property Group, a major Australian developer with a $1.5 billion project pipeline, has entered voluntary administration citing post-pandemic challenges in the construction sector.
• The company has appointed KordaMentha as administrators and plans to continue trading during and beyond the administration period to complete over 1,000 homes under construction.
• Bensons' CEO Rick Curtis assured employees and customers that there are no plans for redundancies and that the administration process is intended to protect their interests.
• Founded in 1994, Bensons is known for high-profile projects, including the Chevron One residential tower on Queensland's Gold Coast and Society Armadale in Melbourne.
• The construction industry has faced significant pressures, including high material costs, supply chain disruptions, and labor shortages, leading to an increase in company failures.

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