06/02/2018 - 15:38

Developer says builder declined help

06/02/2018 - 15:38

Bookmark

Save articles for future reference.

Singapore-based developer Dradgin Pte disclosed today it had offered financial assistance to Cooper & Oxley Builders, which has suspended work on all its construction sites this week.

Developer says builder declined help
The 500 Hay St project in Subiaco is Cooper & Oxley’s single largest project. Photo: Attila Csaszar

Singapore-based developer Dradgin Pte disclosed today it had offered financial assistance to Cooper & Oxley Builders, which suspended work on all its construction sites this week.

Dradgin is the developer behind the $100 million 500 Hay St project in Subiaco, which is Cooper & Oxley’s single largest project.

“Dradgin was unaware action of this nature would be taken and is very disappointed with the current situation,” the developer said in a statement.

Dradgin said it had met all its payment terms and conditions on the Subiaco contract.

“In fact, Dradgin offered financial assistance to Cooper & Oxley to help Cooper & Oxley meet its obligations, unfortunately this was not accepted,” the statement said.

Dradgin said its priority was working with all parties involved – including subcontractors – so that the project may be completed as soon as possible.

There was a tense standoff at the Subiaco building site earlier today when subcontractors attempted to gain access to retrieve their tools.

After security staff blocked access, police were called and allowed subcontractors onto the site.

Cooper & Oxley issued a statement today saying it was seeking to assist subcontractors.

“The company is presently making arrangements for all subcontractors to collect their equipment and hardware from the sites,” it stated.

Earlier today, Premier Mark McGowan said it was pretty rotten that workers had been locked out.

"Locking the gates, so people couldn't go and get their tools, was pretty bad and I expect people would be very upset by that," he said.

"I don't know if it's lawful or not."

Cooper & Oxley sent a memo to contractors on Sunday, saying it was not in a position to pay its accounts and was reviewing its financial viability.

“Accordingly, no further work should be undertaken by you,” managing director George Hampel stated in the memo.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options