Highrise Construction Calamities
Bill goes up at ascot Towers to $150,000 per Unit
Unit owners in Sydney's evacuated Mascot Towers building have learnt the repair bill could blow out to $20 million as construction engineers zero in on what caused the complex to crack.
Opal towers sinking on a toxic waste dump.
Opal Towers Class Action
Residents of Sydney’s Opal Tower have launched a class action against the New South Wales state government. It has been more than 7 months since residents were evacuated from their homes.
Documents lodged with the NSW Supreme Court last Friday revealed that owners of the western Sydney apartment tower are suing the Sydney Olympic Park Authority for a breach of warranty and of the Home Building Act.
Sydney Sugarcube apartment tower abandoned after toxic land concerns
An owner of a unit in an inner-city Sydney apartment tower built and then abandoned over toxic land concerns says he has "no power" after buying a $1 million home.
Martin North of Digital analytics estimates a repair bill for total construction calamities could reach $1 trillion.
Stanley Xie feels angry and frustrated. Most of all, he feels a sense of guilt.
Property developer Ralan Group's collapse has left thousands of investors facing financial ruin
Many investors were Chinese-Australian who stand to lose millions on apartment projects — some of which were never built or finished
The case has raised concerns about the role of legally questionable financing of off-the-plan developments across the industry
"Because of me, they lost their money," he said.
"Because of my sales, because I pushed, Because I allowed such a tragedy to happen."
Mr Xie was a salesman with the property developer giant Ralan Group prior to its spectacular financial collapse that has left thousands of investors in its wake.
As a Ralan salesman, Mr Xie's job was to spruik a form of property investment the company's administrator now says was legally questionable.
He is speaking out about what he saw at the property behemoth in the hope it will help the 2,300 investors who have watched almost $300 million worth of deposits in off-the-plan apartments vanish.
Mascot Towers residents given two 'very bad' options after building failure
Residents of the evacuated Mascot Towers are being forced to consider two options to fund urgent remediation works at the 132-unit complex, but fear they won't be able to afford either.
At an annual general meeting later this month, apartment owners will be given the option to proceed with a multimillion-dollar special levy or rescind it in favour of a commercial strata loan to fix the building.
Remediation works have started on the building, with concerns the warmer weather could place more stress on the building.
Remediation works have started on the building, with concerns the warmer weather could place more stress on the building.Credit:Kate Geraghty
One loan proposal would offer up to $20 million at a 7.7 per cent variable interest rate per annum over 15 years, with funds to be put towards stages one and three of the remediation works which have already started.
remediation or FIX ,
responsibility evaded by the guilty parties yet again