DDL Homes receivership: Deposits safe say receivers

Ormiston Stage 2 by DDL Homes at 397 Ormiston Road.

Buyers of homes in a new development in Flat Bush have been told by receivers their deposits are safe and that their contracts with the property development companies DDL Homes Ormiston and DDL Homes Ormiston 2020 are not affected.

Receivers have been appointed to the companies leading the development of the Maison Dórmiston, Ormiston Stage 2, Mission Heights and Ormiston Heights developments located at 370 and 397 Ormiston Rd, Flat Bush.

The receivers are Neale Jackson and Brendon Gibson of Calibre Partners.

The receivers were appointed on June 3 after the developments’ financer became concerned about construction progress.

Decisions about what happens next will be made by the receivers.

“Buyers have been assured that the receivership does not affect their contracts and their deposits are held in a trust account that is also unaffected by the receivership,” Jackson confirmed in a media release.

“The receivers intend to provide buyers with further information as soon as they can and regular updates throughout the receivership.”

A rendering of homes at 397 Ormiston Road Stage 2.

The DDL Homes website said it was founded in 2012.

“DDL Homes has completed multiple projects, and many are also in the pipeline – priced affordably to give Kiwi’s the chance to own their very own home in Auckland,” the website said.

“With a highly experienced team and an eagerness for building and materials innovation, DDL Homes has earned the trust of Kiwis in delivering lifelong, quality homes, making the dream of homeownership a reality for many.”

The website said the 370 Ormiston Road development is located “barely an intersection away” from Ormiston Town Centre. “With some 4-bedroom homes available, this is your last chance to get into 3SEVEN0 Mission Heights! It said homes were available in 3 and 4-bedroom terraces.”

Meanwhile, the website said Ormiston Stage 2 at 397 Ormiston Road had sold out.

“Stage 2 consists of walk-up apartments. There is a range of 2-, 3- and 4-bedroom options in this release. Stage 2 of this project has fully sold out!” the website said.

In a timeline, it said in early 2020 Covid hit, the company grew to 50+ staff and had 6+ major projects underway.

“Late in 2020 DDL Homes Kitchen Studio was launched. The company introduced an in-house plumbing and drainlayers team,” it said.

“In early 2021 it had finished its Nelson Street and Butterworth Avenue projects. DDL Homes had more than 80 staff by this point after launching an in-house window company.”

The New Zealand Companies Office lists the sole director and shareholder of DDL Homes Ormiston Limited and DDL Homes Ormiston 2020 Limited – both now in receivership and voluntary administration – as Baljit Kaur Dheil of Flat Bush.

The Times has contacted the companies for comment.

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