The company behind the Seascape project in Auckland's central business district has been put into receivership.
Here's a statement from the receivers.
Brendon Gibson and Neale Jackson of Calibre Partners were appointed today as receivers to Shundi Customs Limited.
Shundi Customs is the owner and developer of Seascape in the Auckland CBD, a 187 metre 52-storey development. The receivers’ immediate priority is ensuring the development continues to remain safe and secure.
Shundi has been unable to restart major construction works since they ceased on-site in August 2024.
Brendon Gibson said: “We will work with the current contractor onsite (Icon Construction) to ensure the development remains safe and secure. Our focus will then move to assessing options that will see funds generated to repay creditors. Seascape is a partially completed development. While we will move as quickly as possible to assess options, it may take some time considering the nature of the asset.”
The receivers have also been appointed to a related company, Shundi Tamaki Village Limited. Shundi Tamaki Village is the owner and developer of the former Auckland University campus in Glen Innes, Auckland.
Neale Jackson said: “We are likely to start a marketing campaign soon for Shundi Tamaki Village’s assets. Tenants and other users of the site should not expect any disruption while the sale process is running”.
The receivers will make further statements as the receivership progresses.
China Construction New Zealand Ltd applied to put Shundi Tamaki into liquidation last month.
According to promotional material, the plan is for the main Seascape tower to offer; "221 high quality apartments – eleven floors of penthouses as well as a mix of studio, one, two three bedroom and three bedroom duplex apartments with double height balconies to maximise outdoor living space. All apartments are at least 10% larger than Auckland Council’s minimum standards and include high studs of approximately 2.7m."
3 Comments
Poor ole Landlording Financial Ponzi hostages.......its goes from worse to worser....
Housing Crash to the left of me,
Inflation hike to the right,
Here I am, stuck in the Bankers vice with me!!
This one was ill-fated from the start. Even the concrete foundations failed testing.
Pacifica tower next door also has build issues i believe.
Second hand market is preferable danke. Let the off the plans buyers surface the defects!
🥂✔️
That being so then it reflects the problems in Australia with some of their high-rise apartment construction.
If this is the solution to housing we have a bigger problem than we realise.
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