Owners corporation chairman Shady Eskander told reporters this morning the new issues ranged from facade to hydraulic defects and had caused insurance premiums to soar “by 1000 per cent”.
Repair work began almost immediately, and some residents able to return to the tower in January 2019. The newly announced action, which has begun in the NSW Supreme Court, will run separately, as it is for issues in common areas, whereas the class action will focus on the damage to individual apartments and owners.
“Despite weekly meetings with the Opal Tower Owners Corporation, we only became aware of the overwhelming majority of recently identified alleged issues when legal action was launched,” he said. Adding to their issues, owners have now found they are unable to receive any type of loan from banks, as their properties are now worth next to nothing.
A spokeswoman for SOPA told NCA NewsWire as the matter was before the court, it would be inappropriate to comment.
Victims of a bad investment.
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