Property owners who have been in limbo since construction company Watersun Homes went into voluntary administration will have their homes completed by new builders, administrators say.
Three hundred projects across Victoria have been affected since the company ceased trading in the state on February 28.
Ninety jobs have also been lost.
Administrators Rodgers Reidy have been seeking expressions of interest to sell the business’ assets including the building projects that span across Melbourne and regional areas.
They are confident the assets will be sold and homes will be completed by new builders.
“We are talking with a number of interested parties with a potential new builder or builders will be settled next week to complete most or all homes,” administrator Mathew Gollant said.
“We expect all homes will be completed over a period of time by the new builders.”
Administrators have contacted all property owners, and advised there is domestic building insurance available via the Victorian Managed Insurance Authority.
Watersun Homes creditors are due to hold their first meeting since going into administration on Friday at 10am.
Watersun Homes also has branches in Queensland and NSW, but they have not been affected by the company’s decision to enter its Victorian branch into voluntary administration.
The company cited “insufficient funds” for stopping trade.