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.
The security lodged with the Secretary of the NSW Fair Trading department will be returned to the developer gradually over the six-year statutory warranty period, under a so-called enforceable undertaking AYMCI proposed and apartment owners voted to accept on Wednesday.
Loading...
Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
