Latest news with #AstroFort
Sydney Morning Herald
16-05-2025
- Business
- Sydney Morning Herald
They thought they had bought land to build their dream homes. It all ended up in court
Purchasers of 154 blocks of land at Marsden Park in Sydney's north-west will receive $100,000 each in compensation, as well as have their deposits and stamp duty refunded, under a settlement offer in a multimillion-dollar class action. In 2020 and 2021, at the height of COVID-19, the buyers, predominantly families, signed contracts worth between $600,000 and $700,000 per block at Clydesdale Estate, nestled off Richmond Road. Each block was secured with a 10 per cent down payment, plus full stamp duty of about $30,000. Purchasers bought the blocks of land from Chinese-owned developer Boyuan Holdings Limited (BHL) and its sister company Cyan Stone, atop a web of holding companies. As the years passed, and property values boomed, the development was delayed and the lots were never handed over to the purchasers. Ownership passed to a company called Astro Fort, which then put the blocks back on the market without informing the contract holders, who found out they were for sale when real estate ads began appearing online. The settlement comes after an investigation by this masthead and A Current Affair last year revealed the complex series of dealings that left the families in limbo for five years. The deal to transfer the lots to Astro Fort in 2024 was funded by Ray White Capital (RWC), which was founded by Dan White. RWC said the project had been a disaster for 3½ years, citing weather, cost overruns, COVID-19 and 'the discovery of asbestos and waste contamination in the soil'.
The Age
16-05-2025
- Business
- The Age
They thought they had bought land to build their dream homes. It all ended up in court
Purchasers of 154 blocks of land at Marsden Park in Sydney's north-west will receive $100,000 each in compensation, as well as have their deposits and stamp duty refunded, under a settlement offer in a multimillion-dollar class action. In 2020 and 2021, at the height of COVID-19, the buyers, predominantly families, signed contracts worth between $600,000 and $700,000 per block at Clydesdale Estate, nestled off Richmond Road. Each block was secured with a 10 per cent down payment, plus full stamp duty of about $30,000. Purchasers bought the blocks of land from Chinese-owned developer Boyuan Holdings Limited (BHL) and its sister company Cyan Stone, atop a web of holding companies. As the years passed, and property values boomed, the development was delayed and the lots were never handed over to the purchasers. Ownership passed to a company called Astro Fort, which then put the blocks back on the market without informing the contract holders, who found out they were for sale when real estate ads began appearing online. The settlement comes after an investigation by this masthead and A Current Affair last year revealed the complex series of dealings that left the families in limbo for five years. The deal to transfer the lots to Astro Fort in 2024 was funded by Ray White Capital (RWC), which was founded by Dan White. RWC said the project had been a disaster for 3½ years, citing weather, cost overruns, COVID-19 and 'the discovery of asbestos and waste contamination in the soil'.
