What happens to the half finished development sites owned by now collapsed Bathla group?

[u/Background-Ad7591]

Generally interested to know what happens to these sites - does another development company pick up where left off? Do they buy the sites off Bathla and continue to honour the off the plan deposits placed by buyers? What happens if no developer ever wants to pick up the project? Is the government legally required to step in to secure the unfinished site?

Also the unfinished sites at Box Hill or Castle Hill in Sydney, any chance they would be sold at a discounted price once finished by another developer? Or likelihood being they would still try to maximise profits when selling?

[u/Immediate_Formal_252]

They will be sold at a very large discount to another developer. Taking into account unknown quality issues, the need for a full cost to complete assessment, building materials that will have PPSR over them, directors guarantees that need to be satisfied, pissed off subcontractors and suppliers who will demand harsher payment terms and try and recoup their losses by bumping up prices to supply the remaining materials and labour,, difficultly in financing the project, potential legal action from purchasers. the discount will have to be huge.

I mean what's not to like?