Administrator called in to Vic developer

Watersun Homes, a construction company that formerly sponsored an AFL team, has called in administrators to sell its projects and told 90 full-time workers their jobs have gone.

The Melbourne-based residential homebuilder had 300 projects across Victoria.

"Ninety full-time jobs will be lost as a result of the administration process. All staff were informed today," says a statement by administrators Neil Mclean and Mathew Gollant of Rodgers Reidy Melbourne.

Partially completed homes and those newly contracted to Watersun Homes are among the hundreds of projects affected.

Mr Gollant says they will be in contact with property owners soon, and that several parties have already expressed interest in buying the company's outstanding projects and assets.

"There have been half a dozen or more parties that have expressed interest," he told AAP.

Building supervisors, regional managers and administration workers are among those who will lose their jobs, Mr Gollant confirmed.

Watersun Homes has branches in Queensland and NSW, but they have not been affected by the company's decision to enter its Victorian branch into voluntary administration.

In 2014, Watersun Homes signed a three-year deal to sponsor Alan Richardson, although the company logo wasn't featured on the St Kilda Football Club coach's shirt during the 2016 season.

Administrators will hold their first creditors meeting in Melbourne on March 10.

It cited "insufficient funds" as the company's reason to stop trade.

AAP has sought comment from the developer.