A besieged construction and development company has been slapped with a court-ordered asset freeze after a deal on a billion-dollar project went south.
Kathleen Skene Follow 2 min read April 28, 2023 - 4:00PM Gold Coast Bulletin
Business
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A besieged construction and development company has been slapped with a court-ordered asset freeze after a deal on a billion-dollar project went south.
Iris Capital, a company directed by billionaire hotelier Sam Arnaout and developer of the mammoth Victoria & Albert Broadbeach project, intends to sue Descon Group Australia, court documents reveal.
Descon had been contracted to build V&A, a 56-floor twin-tower project on the site of the former Niecon Plaza. But the deal broke down in February, leaving the development without a builder on the eve of its construction start date.
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