Duncarse Limited and Duncarse Riverside Limited, the developer behind the construction of a £40m luxury housing block on the riverside in Dundee, has gone into administration.
PricewaterhouseCoopers have been appointed to handle the business and property of Duncarse, who had failed to secure extra funding for the project, which was due to start next month with the construction of 202 apartments.
It is, as yet, unclear whether the 25 buyers, who had put in a deposit of around £6000 each for the apartments, will see their money again.
The administrators are going to sell the company as a going concern, however they are also looking into the option of only selling off the riverside development project. The 25 buyers are to be used as a selling point.
Other projects, located in West Green Park in Liff and at Magdallen Yard Road, may also be sold off to a third party who has the means to continue the development.
Established in 2000, there had been recent job losses at one of the firm's offices. The managing director of Duncarse Mark Wilson had, last week, denied that the company was struggling.
