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
Majority of off-the-plan apartments worth less than purchase price, data shows
7.30 can reveal that 60 per cent of off-the-plan apartments in Sydney, and 52.9 per cent in Melbourne, were valued lower than their contract price at the time of settlement.
Dozens of furious apartment owners in Sydney say huge chunks of the courtyards and rooms promised in their off-the-plan homes have failed to materialise. A number of residents at the Ramsgate Park development in Kogarah, in the city’s south, are now considering legal action — with some saying unexpected changes have knocked tens of thousands of dollars off the value of their new homes. They say their apartments, in some cases, have been rearranged. They say their city views have been lost and entire rooms have gone AWOL from the floor plan
Thousands more apartment owners have been embroiled in Australia’s combustible cladding crisis, after a landmark tribunal case found a popular timber-based panelling posed an “undue risk” to residents. Lawyers say the ruling will affect thousands of buildings across Australia and result in millions of dollars worth of repairs. And owners could be left to foot the bill, if their building is too old to fall under warranty.
The case was brought to the NSW Civil and Administrative Tribunal (NCAT) by the owners corporation responsible for four multi-storey towers in Ryde, Sydney, after fire engineers found the Biowood cladding covering the apartment buildings was “combustible”. Owners commissioned a report from the fire engineers as they were worried their apartment block – The Gardens at Putney Hill – could have a serious defect like other high-rise towers in Australia
Detached houses are always the best investments no body corporate fees .
'Detached houses are always the best investments no body corporate fees .'
Just a heads up - that situation won't last. The US is the main example of where Australia is headed. More and more detached houses are being build in 'secure' neighbourhoods. That generally means gated, and perhaps 24hr patrols, armed or maybe not.....depends on the state.....We're thinking about a house near Hilo, Hawaii...nothing serious since it will kill our super and eat our house here - but it is very very nice, with views forever........It's only gated, with no patrols (crime isn't that bad - in fact for national standards the area is quite low).....Corporate fees are currently $30 USD a month.....but since it is newish - that rate will rise as the potholes need filling etc.....
Gated is very slowly catching on here.....mostly retirement communities so far....but that will change. If you want to be safe from the druggie zombies that your governments protect....you'll have to pay.....
Exclusion zones have been set up around the troubled Mascot Towers apartment building in Sydney after new cracks were discovered in a brick facade.
The building had to be evacuated in June last year when cracking was discovered
There are now concerns bricks could fall out of the facade
Shops around the building have been closed
A confidential memo, obtained by the ABC, was sent by the engineers to the building's owners last night, explaining what was found.
The memo said there was a potential absence of cavity ties, used to anchor bricks to a structure, which meant the "risk of dislodgement cannot be excluded".
"It appears to the experts that the brickwork itself is taking unintended loads which is causing the cracking of that brickwork," the memo said.
not so bad IN the units as thye should have individual air-conditioning systems , but common areas like lifts , hallways ,foyers rubbish disposal areas etc.
almost as much fun as a cruise ship
watch the status of how long the virus can stay infective on hard surfaces ( somewhere between 5 to 9 days last i read )