Opal Tower Builder, Icon, has won an important legal battle with their insurance providers.
Cracking has been reported at the carpark of the Revesby Workers’ Club.
#OpalTower #Defects #Construction Icon construction only allocated $1 million for defects in Opal Tower. An insufficient amount given that Icon has reportedly spent $24 million already. References Opal Tower builder Icon put aside $1 million for building defects but has spent $24 million so farhttps://mobile.abc.net.au/news/2019-08-28/opal-tower-developer-icon-reveals-24-million-spent-on-repairs/11452742?pfmredir=sm&sf218208758=1 Opal Tower built on ‘bargain basement prices’ — say subcontractorshttps://www.news.com.au/finance/business/other-industries/opal-tower-built-on-bargain-basement-prices-say-subcontractors/news-story/a55d5c6bc396a013f4e82b38252d5890
#MascotTowers #Cracking #Construction The Owners from Mascot Towers are facing the prospect of a lifelong repair bill. While they are calling upon the state to step in, I want to ask if it was possible for new purchasers to identify the construction issues. Could a building dilapidation and pest inspection have identified these issues? References […]
#Development #Apartments #Australia Developers are admitting that demand for Apartments is waining as buyer become warier following recent defect issues in the media. References Australia’s top developers acknowledge impact on potential buyers after Opal, Mascot Towers apartment defect news https://www.domain.com.au/news/australias-top-developers-acknowledge-impact-on-potential-buyers-after-opal-mascot-towers-apartment-defect-news-869967/
#Construction #NSW #Inquiry The New South Wales Parliamentary Inquiry into the Regulation of Building Standards, Building Quality and Building Disputes is underway, let’s look at the Terms of Reference and the submission by the Royal Australian Institute of Architects. References Regulation of building standards, building quality and building disputes https://www.parliament.nsw.gov.au/committees/inquiries/Pages/inquiry-details.aspx?pk=2540#tab-members No. 129 Australian Institute of Architects […]
#OpalTower #CourtCase #Australia The Opal Tower class action lawsuit has been delayed by 42 days due to the complexity of the class-action lawsuit. Let’s look at the Judges concerns and the portions of the Home Building Act that would be relevant to this case. References https://www.abc.net.au/news/2019-08-09/sydney-opal-tower-class-action-lawsuit-proceedings-delayed/11398794
#RealEstate #Sydney #Property Property Analysts are encouraging apartment owners to sell because of recent issues in the construction sector. Simply scaremongering or sound advice? References
#OpalTower #Construction #Insurance Opal Towers’ Insurance premiums have increased 20 time and agents are telling us that Buying off the Plan is still in demand! References Opal Tower builder agrees to pay $1.7m insurance https://www.afr.com/property/residential/opal-tower-builder-agrees-to-pay-1-7m-insurance-20190731-p52ci6 Opal Tower fiasco unlikely to dent off-the-plan sales, agent tips https://www.realestatebusiness.com.au/breaking-news/18799-opal-tower-suit-unlikely-to-dent-off-the-plan-demand
#OpalTower #Construction #ClassAction The owner’s of Opal Tower have launched a class-action lawsuit against the Sydney Olympic Park Authority (SOPA). This case will certainly be an interesting precedent, particularly if the government pursues cross-claims. References Opal Tower unit owners launch multi-million-dollar class action against NSW State Government https://www.abc.net.au/news/2019-07-29/opal-tower-class-action-suit-by-owners-sydney-olympic-park/11354562