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Soil-filled water erodes Mascot Towers foundation

Su-Lin Tan

The race to stabilise Mascot Towers from further subsidence as soil erodes from its foundation could result in owners running the risk of financial ruin, new strata documents have revealed.

Up to $1 million in new funds would be needed to stabilise the building even before remediation starts – funds the owners corporation doesn't have and would struggle to raise in a timely manner, the owners' lawyers argued in documents obtained by The Australian Financial Review.

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Su-Lin Tan reported on housing, commercial real estate and property finance. She also covered China and Asian business, trade and politics. Connect with Su-Lin on Twitter. Email Su-Lin at stan@afr.com.au

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    Original URL: https://www.afr.com/link/follow-20180101-p52sbw