Yahoo Finance Mascot Towers owners slapped with whopping $10 million bill
Residents of Mascot Towers in Sydney were evacuated in June this year, following persistent cracking throughout the building.
The emergency repairs were initially touted to cost $5.5 million, but new reports say the owners are now facing a whopping $10 million bill to fix the defects - which is a cost of $76,000 per unit.
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That $10 million figure, the AFR reports, is half the initial building cost of $22 million.
The bill is only stage one of the remedial works for Mascot Towers, and owners will be forced to vote on the levy in a meeting on August 22.
Owners have been warned their first payment could kick off on January 1, with the rest paid quarterly over 15 years.
But residents have told the AFR that they’ll oppose the bill because they simply can’t afford, and they’re calling on the government for a second investigation into the defects.
"Personally, I cannot even afford to pay the monthly strata loan for stage 1,” one apartment-owner told the publication.
“My unit cannot be rented out and apart from this bill, I also have to pay my home loan, water, council and the strata fees."
"I wish the government would assist us immediately by offering us a low interest loan but it doesn’t look like that the political will is there.”
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