Nostra Property Group will take over the failed builder’s multiple dwelling business in Victoria and has committed to completing up to 375 townhouses left in limbo when the company crumbled on March 31.
But that still leaves more than 1000 Australians across Victoria and Queensland without answers about the future of their dream homes.
Maria Tupou’s block of land in Wollert was financed the day Porter Davis fell into an estimated $20 million funding hole and halted work on 1700 homes.
She said her family had received no support.
“There’s no help, there’s nothing for us,” Tupou said.
“We got told we were getting financed for the land and an hour later we were told it was going into liquidation,” she said.
”Basically we were told we were at the bottom because we hadn’t started the build so we weren’t their priority.”
“We were never gonna move again.”
Nostra is only taking over the Victorian arm of Porter Davis and will be taking care of commissioned townhouses, 126 of which had already been started.
Nostra managing director Anthony Caruana said the company is “working tirelessly” to resolve the outstanding number of homes that have contracts with Porter Davis.
MP Steve Dimopoulos has promised the government is looking at how to support these impacted families.
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“That work is being done now,” he said.
Nostra Property Group claims snapping up Porter Davis was a ‘natural fit’
Liquidator Grant Thornton announced Nostra will use the same Porter Davis designs to complete up to 375 homes already sold to customers, including 169 which were underway before the collapse.
As part of the deal with liquidators, Nostra will also be taking on 16 staff members from Porter Davis.
“All parties worked tirelessly to achieve a positive outcome in an extremely short period of time which will see a number of jobs preserved, disruption minimised for several existing and future projects, and critically up to 375 homes built for families who have had to suffer enormous stress and anxiety following the collapse of the PDH Group,” Said Jahani from liquidator Grant Thornton said.
Caruana said the company already works with a number of developers that were building Porter Davis homes which makes the sale a “natural fit”.
”Together, we will work towards not only completing the existing partially built homes in this portfolio but also those projects which are yet to commence,” he said.
“This will ensure that we can provide much-needed certainty to the families who have purchased a PDH-designed townhouse and they can once again look forward to having a new place to call home.”
Nostra Property Group was founded by Caruana in Victoria in 2006 and specialises in townhouse developments.
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