Probuild Works with Clients to Maintain Realistic Completion Dates
Probuild has begun negotiating their expected completion dates with their current clients and negotiating to reset completion dates where necessary.
Probuild’s efforts come at a time where if builders do not settle projects on time they may be fined with financial penalties from lenders.
The sector can expect ongoing delays in project delivery due to social distancing measures still being in place, especially throughout Victoria.
Managing Director for Probuild in Australia, Luke Stambolis has said that Probuild is looking at a seven-week period extension as a minimum.
A recent survey has found that the number of fixed tower cranes operating across Australia has dropped by 6.2% – from 722 to 677.
This survey data suggests that the amount of cranes in the sky has masked the extremities of the pandemic’s impact on the construction industry.
In Melbourne, there have been only 179 cranes in the skies operating on projects.
This number is low considering the amount of built to rent and residential projects taking place in Melbourne.
Related news: Hutchinson on How 2020 Could Draw Positives for Builders
In a recent article, Conecta discussed that Hutchinson Builders had experienced disappointing revenue in 2020.
However, a slower market could eventuate in a better result for builders with lower costs and high efficiency of subcontractors.
As the year comes to an end, builders will need to increase the number of workers on their teams to deliver projects in safe and efficient ways.
With the State Government continuing to announce shovel ready projects across the state, the construction sector is looking stable in the short term.
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Image Source: David Caird via realestate.com.au
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