One of the largest developers active on the Gold Coast has gone into administration, leaving up to 500 local staff and more than a billion dollars in future projects under a cloud.
Kathleen Skene and Luke Mortimer, Gold Coast Bulletin Subscriber only|36 minutes ago
ONE of the largest developers currently active on the Gold Coast has gone into administration, leaving up to 500 local staff and more than a billion dollars in future projects under a cloud.
Ralan Group, developer of the Ruby Collection hotel and residential project, and owner of the popular Paradise Resort, went into administration yesterday.
Staff of the Surfers Paradise operations were emailed overnight with news of the collapse, but were told it was “business as usual” and warned against speaking to the media.
Along with being a tourist drawcard, the resort is a magnet for locals, who use the ice rink and water park for kids parties.
The resort is trading as usual, and staff on the Gold Coast have directed all questions to the Sydney administrators in the wake of the developer’s shock collapse.
“It’s all happening in Sydney. Nothing to do with us, so we don’t know what’s going on,” a manager told the Bulletin.
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