They were touted as Perth’s answer to the Kardashians — building an empire from the ground up while living a life layered in luxury.
For years husband and wife team Cynthia Lu and Yusuf Khan, enjoyed the finer things in life after launching a building company during the pandemic.
Modco Residential was registered with federal regulators in August 2020, pledging to build homes in 20 weeks. But three years after the company was launched with an exclusive VIP party attended by Perth’s supercar driving A-list, it collapsed.
In a statement issued on Monday, director Damien Clancy apologised, saying the company could not meet its commitments, blaming industry challenges and the media for the collapse.
Ms Lu’s social media feed is awash with photos of the couple enjoying a seemingly glamourous lifestyle — including pictures of them in front of countless luxury cars, posing with expensive watches and handbags, and staying in fancy hotels.
“It’s nice to have those things. It feels good. It serves as a reminder of what all the hard work we both do is for,” Ms Lu told The West Australian at the height of the company’s success in 2021.
The same year, couple gave STM a glimpse into their high-flying life in one of the most prestigious addresses in Perth. Situated on Bellevue Terrace, the exclusive West Perth apartment overlooks the city’s evolving skyline, the stunning botanic garden of Kings Park, and extensive elevated views of the Swan River.
“It’s always just been a lifestyle,” she said when asked about the many treasures tucked inside the ritzy apartment. “You want to work hard so you can appreciate the finer things.”
She told STM one of her most prized possessions was her breathtaking five-carat oval engagement ring and equally dreamy wedding band, by Sydney-based Jacque Fine Jewellery, with half-carat oval stones all around the finger.
Another — her gold Royal Oak Audemars Piguet from Barbagallo Watch — one of a number she said she hoped would one day grow into a valuable collection.
“We want to get down that path of collecting watches,” Ms Lu said in 2021, adding she and Mr Khan had both already worked towards owning their “dream cars” — a sleek Bentley Bentayga SUV and a bright red Ferrari 488 GTB.
The pair met through a cousin in 2013 and although they “didn’t hit it off right away” they were married in an intimate ceremony in 2021 at COMO the Treasury with 20 of their closest friends and family.
There Ms Lu stepped into the elegant private dining room in a stunning couture Galia Lahav gown and beautiful Amina Muaddi designer shoes.
“We didn’t exactly hit it off straight away,” Ms Lu told STM in 2021. “We met through my extended cousin, Yusuf was a long-term friend of his and I was here in Perth on a holiday.
“But in late 2013 on one of my holidays back to Perth, we caught up for a drink at Crown and after many coffee hunts and food adventures it led to where we are today.”
In the statement regarding the company’s collapse issued on Monday, director Damien Clancy said: “Despite our efforts to overcome adversities expected in building a growing business, the rapid and unforeseen external challenges ranging from unprecedented industry challenges, perpetuated by a series of controversial articles that created distrust amongst stakeholders became an insurmountable challenge.
“What initially started as a nationwide industry challenge of increased costs of materials and labour and shortage of skilled trade forcing many builders into administration in the past financial year, was then exacerbated by the intense media scrutiny targeting Modco Residential creating distrust amongst our trades, vendors, staff, shareholders, clients and the industry insurer QBE.
“This caused significant strain on business operations and made it exceptionally challenging for us to acquire skilled tradespeople, retain staff and continue our operations.”
Mr Clancy’s letter also states: ”In this moment of profound sadness for all that have been affected, we hope the close of Modco will be a catalyst to highlight the need for systemic change and industry support to address the issues that persist within the construction sector.
“The administrator, GTS Advisory will be in contact with all stakeholders.
“In the face of adversity, we say goodbye with heavy hearts.”
The West Australian revealed on May 20 this year the company was being evicted from its Osborne Park headquarters after not paying rent for five months.
About ten days later, State Government watchdog Building and Energy issued a consumer warning that Modco was not paying its bills, claiming it was investigating whether the company had enough money to meet its financial obligations.