Bathla Group: Construction workers stood down, 13 projects halted as funding runs dry

Administrators of crumbling developer Bathla have ceased all construction work and stood down staff after short-term funding ran dry.

Teneo Australia, which has been in control of the property group since late August , said only a core team of employees would be retained as it works with lenders to sell off Bathla’s subdivision and land bank sites.

“The short-term funding initially secured by the administrators to continue construction has now been exhausted,” Teneo said in a fresh hammer blow on Thursday.

Construction workers at 13 Bathla sites have been stood down and all construction projects have been stopped.

“The administrators will provide further updates to customers, employees, creditors, subcontractors and other stakeholders as the administration process progresses,” Teneo said.

More than 200 of Bathla’s 350 staff were stood down at a meeting last week.

Bathla, which went into voluntary administration in August , owes about $3.4 billion in debts.

One of Sydney ’s largest residential developers had about 2000 homes and apartments across 45 projects underway when control was handed over.

Anxious buyers have been left in limbo , saying they were “confused” and scared about losing deposits.

“For us, it’s a big deposit and if we lose it, it’s hard to try and get that sort of money saved up,” Sue Mancuso told 7NEWS of her $32,500 apartment down payment.