A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector.
Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company says it does not owe any money to its creditors.
Building industry leaders say conditions in the sector remain tough with a steep slide in approvals to construct units in recent months.
Urban Construct managing directors Todd Brown and James Rice relocated from Adelaide a decade ago and by 2014 said they had over that time built up a pipeline of developments of 3500 apartments …
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