Modco Residential

Demolished in February 2025.

 

Modco Residential was started by so-called "glamour couple" Yusuf Khan and his wife Cynthia Lu in 2020. Their "key pillar" to their company's strategy was to "guarantee cost-effective home builds within 20 weeks", specialising in steel-framed homes.

 

​It was said that their customer base grew so quick, they were unable to meet demands, which led to the usual "trail of broken promises and dozens of distressed homeowners" you hear about all the time.

 

​Was this the typical greedy company owners who spent too much money living the high life instead of meeting their customer's agreement or was the lack of resources and typical construction issues hampering their productivity?

 

​Regardless, the "increased costs of materials and labour and shortage of skilled trade forcing many buildings into administration in the past financial year" was quick to be used as a reason for and by Modco Residential. Although the company owners blamed the intense media scrutiny that exacerbated the difficulty in conducting business operations, acquiring skilled tradespeople and retaining staff.

 

​As always, the builders and tradesmen weren't paid and hundreds of clients were left without a home and out of pocket by hundreds of thousands.

 

Modco Residential entered voluntary administration in July 2023, with nearly $9 million in debt.

 

It always seems like the companies and financial investors associated with the bankrupt business are given priority over the tradies and home owners, who probably never get a chance to recoup their losses.

 

​Yet just another story in the long list of construction companies and developers who go under, leaving a trail of victims to suffer.