Australia YMCI will lodge a $3 million security with the NSW government to guarantee the rectification work the developer will complete on a 326-unit apartment development in western Sydney’s Lidcombe.
For the developer, the vote means it can market the next stage of its $5 billion Ovation Quarter development without the cloud of unresolved defects hanging over buildings that are partially sold and occupied.“We are extremely pleased that we finally have the owners corporation fully on board by signing the deed,” said AYMCI director Jason Tan, calling it a “turning point” for the construction industry.
“We can come to a resolution and move forward without any time and money wasted on litigation. This allows owners to feel at ease with the team engaged that will fix defects to a high standard every step of the way.”The process set up under Building Commissioner David Chandler had led to a very positive outcome for the AYMCI project, said Steve Mann, NSW chief executive of the Urban Development Institute of Australia developer body.
About time the boys club were made accountable…
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