In a dramatic escalation of a financial dispute, contractor SRG Global is taking the rare legal step of seizing a luxury apartment in West Perth to recover a multi-million dollar debt from a construction company linked to prominent developer Victor Goh.
Court Orders Grant Power to Seize and Sell
ASX-listed SRG has secured Supreme Court orders to take control of and sell a high-end apartment with panoramic city views. This action aims to satisfy a debt of $5 million owed by the construction firm D&C Corporation. The court rulings, handed down late last year, were obtained under a seldom-used provision of construction law that kept the proceedings confidential until now.
D&C Corporation worked on two major projects for the enigmatic property developer Victor Goh: the Capital Square tower on Mount Street and the EQWest apartment and hotel complex at Elizabeth Quay. SRG declined to specify which of these projects is at the heart of the debt battle.
Latest Hurdle for Elizabeth Quay Skyscraper
This legal fight represents another obstacle in the protracted effort to complete Perth's fourth-tallest skyscraper, the EQWest complex. The development has been closely watched, with DevelopmentWA boss Dean Mudford stating in September he expected the project to be ready by the end of 2025. While workers have been consistently on site in recent weeks, the building does not yet appear to be fully finished.
Representatives for D&C Corporation did not respond to requests for comment. Victor Goh, known for being tight-lipped, also did not comment. It is important to note that Mr Goh is not a director of D&C Corporation and there is no suggestion he is personally liable for the debt owed to SRG.
This is not the first time D&C Corporation has faced legal action from creditors. Elevator manufacturer Schindler Lifts Australia previously lodged a $1.1 million Supreme Court claim against the builder for work at Capital Square Tower 3, a dispute understood to have been resolved. The West Australian is aware of at least three more disputes over unpaid debts linked specifically to the EQWest skyscraper.
Complex Web of Connections and Hotel Negotiations
Corporate records reveal a connection between D&C Corporation and Goh's businesses. D&C was named the "main contractor" for EQWest in a 2023 submission to DevelopmentWA. Furthermore, the companies share a common director, Albert Marr, who is also a director of Mr Goh's businesses AAIG, CA & Associates, and CA Corporation.
The two CA businesses were involved in major land purchases at Elizabeth Quay, securing prized lots in two deals with the State Government worth approximately $190 million. The first deal was signed under the Barnett Government in 2016, followed by a second under the McGowan Government the next year.
In a related development, negotiations for a hotel operator at EQWest appear uncertain. While it was revealed last year that international resort chain Marriott had been in talks to operate the hotel, recent comments from a Marriott spokeswoman suggest discussions may have stalled. She stated that while Perth is a priority market, the company has "no pending announcements regarding a proposed hotel at Elizabeth Quay."
The move by SRG Global underscores the high-stakes financial pressures and complex legal battles that can emerge within Perth's premium property development sector, casting a shadow over one of the city's most prominent waterfront projects.
