Disgraced developer’s $550m sell off
The sell off of disgraced developer Jean Nassif’s $1.5bn property empire has ramped up with a rival group snapping up one of his biggest and most controversial sites.
Nassif’s real estate empire Toplace was valued at around $1.5bn before it collapsed into administration last year and he fled overseas owning creditors hundreds of millions of dollars.
However as much as a third of that empire might have now been moved on amid news that respected developer ALAND has agreed to take over Toplace’s abandoned high-rise apartment blocks in Castle Hill.
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Jean Nassif is hiding out in Lebanon. Source: NSW Police
ALAND will now complete the Skyview units, which have significant remedial issues, over the next two years and provide over 500 additional built-to-rent homes in the area.
At one stage the Skyview project had been valued at around $500m.
“It is currently 25 per cent completed. We need to do quite a lot of remedial work to get it right. And then the basement also needs a lot of reinforcement,” Andrew Hrsto, the owner and founder of ALAND told The Daily Telegraph.
The development comes on the top of news in July that Sam Kassis, the founder of Kassis Homes, had purchased one of the key Castle Hill sites of Jean Nassif’s collapsed Toplace apartment development company.
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The sell off of disgraced developer Jean Nassif’s $1.5bn property empire has ramped up with the a rival group snapping up one of his biggest sites.It is across the street from the Skyview towers.
The building site at the corner of Garthowen Crescent and Old Castle Hill Rd has been bought by Kassis for $54.25m.
It adjoins the Grand Reve twin-tower development project, right, by Kassis Homes.
By contrast the Grand Reve has been marketed as “the most prestigious development ever offered in the Hills District of Sydney”.
The first stage of Grand Reve is due for completion next month, with the top-floor windows being washed when The Sell viewed the construction site midweek.
Dasco is its builder, one of the 4.5-star rated construction companies in the NSW governments iCIRT ratings system, which helps buyers identify building professionals who have a proven track record.
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What the Grand Reve development will look like.
The off-the-plan offering comes with a 10-year structural defect insurance policy, which is among the first of its kind in Sydney.
It comprises 185 units, with 37 floor plan configurations including studios, one, two and three-bedroom apartments and split-level townhouses.
Prices range from $595,000 to $4.6m through Adam Sparkes at McGrath Projects.
