Two companies run by former high-profile property developer Sam Fayad, whose company Dyldam Developments failed last year with debts of more than $280m, have been placed in liquidation following action by the Australian Taxation Office.
James 88 and Tallahon No. 1 – which were both listed as creditors in Dyldam's deed of company arrangement (DOCA) document lodged with the corporate regulator ASIC in May last year, are now in the hands of liquidator David Mansfield from Deloitte.
Mr Mansfield declined to give details about the liquidation on Tuesday, saying he had only recently been appointed.
Dyldam was established in 1987 and, its creditors' report compiled by its administrator Cathro & Partners early last year says, "grew into one of the more well-known high density apartment developers in the Sydney metropolitan area''.
By the time the company was placed in administration in January 2022, it had stopped developing new projects and had several sites which, according to the creditors report, were either in receivership or had been foreclosed on.
The company's former projects included the proposed $808m "The Opera" development on Pitt St in Merrylands, Western Sydney, where it had planned 1200 apartments across eight buildings.
It was also planning to develop the Chalk Hotel in Brisbane in a $100m-plus project involving three apartment towers.
The company told The Australian in 2018 it had more than $6bn worth of projects in the pipeline and was poised to deliver 9000 apartments in Sydney's major growth corridors in coming years, including the 1200 apartments at Merrylands which were expected to be completed by this year.
More than 20 companies associated with the Dyldam group were reportedly placed in administration in late 2020, and Dyldam Developments itself was placed in administration in January last year, owing an estimated $272.8m to unsecured creditors and $8.3m to statutory creditors such as the tax office.
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The DOCA lodged with ASIC indicates that Dyldam's creditors were expected to receive $8m, which was between 3c and 5c in the dollar on their debt.
Tallahon No. 1 and James 88 were named in the creditors' report as related party creditors, owed $5.3m and $3m respectively.
Tallahon was listed as owning 41 units at Mt Druitt worth $20.5m.
Mr Fayad is sole director of both companies, and wholly owns James 88.
He could not be contacted.
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