After lamenting the “cruel demise” of their construction company Condev, which was forced into liquidation amid escalating costs and the pandemic, owners Steve and Tracy Marais will move into a $3 million apartment.
Peter Gleeson Follow 2 min read August 1, 2022 - 12:00AM
THE construction industry is doing it tough, as companies fight rising interest rates and escalating building costs.
Many are going broke, and insolvency experts are working overtime to sort out the affairs of those who have gone under.
Just ask Steve and Tracy Marais, who tearfully told the world in March that their company Condev had been forced into liquidation, after being unable to meet escalating costs, payment deadlines and troubles associated with Covid-19.
It was excruciating, even more so for the scores of subbies that don’t know if they will be paid what they’re owed, and liquidators now say the dividend could take years.
However, it hasn’t all been bad news for the Marais’ and a former senior employee.
The couple and the senior employee will take possession of two units in the luxury Natura development at Burleigh, the very project that contributed significantly to the company’s collapse.
The Marais paid $1.84 million for a fifth floor unit in 2020, and property experts say it’s now worth close to $3 million.
The employee paid a similar figure for a third floor unit, both luxury properties with panoramic views of the world famous beach.