NSW Mascot Towers repair bill to hit $53 million

'We'll all go bankrupt': Mascot Towers repair bill to hit $53 million

I am just thinking if I were an owner of an apartment here, how can I claim compensation? Makes one really think twice before buying OTP apartments.

 

Maybe better to sell the site for land value .
Use the land for a low rise building .
In Los Vegas they seem to be able demolish high rise hotel by the use of explosives.
Might only cost $200 m2 to demolish ?
Land worth $10k m2 ?

 

Yes, likely the only solution. But there are 132 apartments. So not a lot to be left with per owner given what they might have paid for.

 

It's just that spending $53m is only a EST and the cost could rise.
Better to start again
Also the soil may not be able to take heavy high rise

 

Demolish and build a car wash. A job for life for all residents.

 

Wouldn't really have mattered if you bought OTP or waited until it was finished. The issues weren't apparent to any of the engineers or building inspectors it appears.... they started 10 years after the building was completed. I think its beyond outrageous how little protection there is for apartment buyers, just generally.

 

Isn't that far more than it would have cost to build? Painful!

 

Yes I would say so too but the site may not be able to take so many units if they rebuilt

 

If the problem is caused by the soil not able to take heavy high rise, I thought they won't be able to get the DA back 10 years ago?

 

In the 12 years since this building was built, there have been at least dozen higher ones built in this small pocket in Sydney. When this problem first arose, blame was levelled at the developer of the block next door. The accusation was that the excavation for their foundations had caused the foundations on Mascot Towers to be undermined. Something like that would take years to go through the legal system. We have a client with an apartment in Mascot Towers and she's not hopeful of any outcome soon..

 

They’ve decided to sue neighbouring developer 'That is not a coincidence': Mascot Towers owners to sue developers over cracks

 

Funnily enough, I just got the below email an hour before reading this thread on PC

 

Nice enough building, though some internal tile finishing is ???
Like the finish to concrete floor area's though.
Yes, I do works at this building
Would I buy in a highrise built on a former swamp, hell no !!!

 

I feel so sorry for these owners. The worst situation ever. Can’t do anything with the property - can’t live in it nor rent it out nor sell it because no one would buy.

Waste of money, time, energy and will power

 

Gotta love Aland. One of the properties I was looking at just successfully won a work order in the tribunal for dozens and dozens of breaches.

 

What, if even measurable, do you think the total economic cost of Opal, Mascot, Elara (ACT) is to the broader construction industry?

I had an offer on a off-plan apartment around the time of these, which I withdrew and swore never to purchase an apartment or any dwelling that I couldn't raze to the ground if needed. I cannot be the only one.

 

It looks the issue with these buildings are completely mis-interpreted by many in this forum.

The followings are irrelevant to this topic.

Off the plan, soil issue, considering these two misfortune building as typical sample of entire building industry, buying at former swap etc...

Engineering and constructions are another art. Few people make mistake, the media attention goes there. If all building designed and built property there will not be any issue. Mascot is completely different issue. I don’t think that was an original design or builder issue..

 

The investor approach would be, there is a chance these buildings have issues that the buyer has no control over, and the buyer cant just raze the building.

This is a lower risk with small blocks or houses. So whats the benefit of buying in big buildings? Might be better to just avoid them and spend more time focusing on specific markets instead.

in other words, doesnt matter how big the risk of a crappy building (or sinking land, a la jordan springs) is, why expose yourself to any of it?

 

Exactly, offplan/soil etc isn't the issue, it's the size of the building and the lack of control over the circumstances, or ability to just start again.