- ABN Group-owned developer Parcel Property has axed its apartment development arm and two housing projects
- The construction industry is currently facing a wave of challenges in a tough economic environment
- Parcel Property's land development side expected to be unaffected
Parcel Property, which is owned by one of Australia’s leading construction, property and finance companies ABN Group, has pulled the plug on its apartment development arm and plans for two major housing projects.
Two of these abandoned projects are expected to be a multimillion-dollar West Leederville apartment complex and a $15 million apartment complex in Mount Hawthorn.
This announcement is just a part of a wave of challenges the construction industry is drowning in at the moment, including rising interest rates, robust cost pressures and labour shortages.
Parcel Property Executive General Manager Andrew Auret says the decision was made with much difficulty but that Parcel’s land development business will be unaffected.
“We have commenced a consultation process with the affected employees and, while we continue to explore redeployment opportunities, some of these roles may become redundant,” he said.
“We are incredibly proud of the Parcel Built Form team, who have delivered several award-winning projects over the last few years under the leadership of General Manager Ross Catalano.
“We are committed to supporting them during this transition and we extend our heartfelt appreciation to the impacted employees for their hard work, dedication and contributions to our work.”
