Receivers combing through the fine-print at collapsed development giant Caydon have found around 130 unsold apartments at a Melbourne site.

The big picture is coming into view days after multi-billion dollar developer Caydon collapsed.

The company, backed by prominent figures in Asia, went into liquidation on Monday while being behind hundreds of apartments at a major Melbourne development site.

Managing director Joe Russo said Covid lockdowns and pricing factors impacting the construction industry more broadly had hit Caydon hard.

“Since the inception of Caydon we’ve delivered some amazing projects, including over 3000 apartments, hotels and offices, all of which I am immensely proud of,” Mr Russo said in a statement.

“Sadly, over the last few years, Caydon has had to deal with one difficult market situation after another.

“Pressure on construction costs resulting in builder insolvencies and supply chain interruptions, and now the interest rate pressures and negative house price sentiment, has placed additional pressure on our operations,” Mr Russo said.

“It has been extremely difficult to make this decision, but to ensure the best possible outcome for all of our partners and customers, we have had to commence the liquidation of part of our Australian business.”

Two days after that announcement, receivers McGrathNicol is counting the assets.

According to The Australian, those assets include around 130 unsold apartments at Caydon’s Home development in the affluent suburb of Alphington and “a significant land bank in the Melbourne suburb of Cremorne where Caydon was developing a $1bn commercial precinct at the site of the old Nylex silos”.

The newspaper reports that McGrathNicol will likely recommend Caydon continue to push the unsold apartments which range in price from just under $600,000 to almost $700,000.

McGrathNicol partner Matthew Hutton said in a statement: “The Receivers are undertaking an urgent financial assessment of the properties and assets under their control.

“We will be working constructively with all stakeholders, including financiers of individual properties, to secure the best possible outcome for all parties.

“OCP Asia intends to support the receivership process, including through the provision of additional funding, to ensure the properties and assets can be progressed and maintained while options for development and/or disposal are explored.”

The Australian Financial Review reported the collapse as the biggest private developer failure since Ralan and Steller in 2019.

The partial collapse of Caydon comes less than a week after a Perth developer killed off a $165 million luxury tower, where more than 50 per cent of apartments had been bought off the plan, blaming skyrocketing construction costs and labour shortages.

The high rise development, which was set to start construction in April and include 98 apartments across 38 floors, was going to be built in South Perth by developer Sirona Urban and Singapore-listed property giant Chip Eng Seng.

The apartment tower would have been one of the tallest apartment buildings in Perth, but instead buyers will now have their deposits returned.

It was the second major apartment project to fall over in Australia last week.

A Melbourne developer, Central Equity, abandoned plans to build a $500 million apartment tower on the Gold Coast blaming the crisis in the building industry and surging construction costs for making the project unprofitable.

The development was set to kick off this year featuring 486 apartments in a 56-storey tower, which was known as Pacific One, and was due to be built on a beachfront block in Surfers Paradise.

Apartments had been sold from a starting price of $650,000 each, but “industry insiders” had claimed that unit prices would need to rise by 20 per cent to cover increased labour and building costs, Central Equity said.

The developer refused to reveal how many apartments had been sold off-the-plan for the project, but said buyers had been notified that the build had been cancelled and their deposits had been refunded.

Central Equity has been operating for 35 years and has completed 85 developments but this will be the first time a project has not been completed by the developer.

It comes as the construction industry has been plunged into crisis with a spate of company collapses.

Earlier this year, two major Australian construction companies, Gold Coast-based Condev and industry giant Probuild, went into liquidation.

The grim list has continued to grow as a number of other high profile companies also collapsed, including Inside Out Construction, Dyldam Developments, Home Innovation Builders, ABG Group, New Sensation Homes, Next, Pindan, ABD Group and Pivotal Homes.

Other joined the list too including Solido Builders, Waterford Homes, Affordable Modular Homes and Statement Builders.

Then two Victorian building companies were further casualties of the crisis having gone into liquidation at the end of June, with one homeowner having forked out $300,000 for a now half-built house.

Trading of a buy now, pay later company’s shares has been halted after stocks climbed by more than 100 per cent Wednesday.

A consumer goods giant has introduced massive price hikes this year, meaning Aussies are paying more for their favourite products.

It had raised $60 million in funding late last year but the company’s founder said a disappointing decision had led to “short term pressure” forcing the move.