5 May 2021
Apartment owners in Sydney’s Mascot Towers will vote this month on a $40 million proposal to sell their troubled apartment tower as a redevelopment site, with many resigned to losing up to 80 per cent on their property as the most realistic way to end their two-year nightmare.
Apartment advocacy group Owners Corporation Network says a review of NSW strata laws under way should reduce the scope for abuse of provisions designed to protect dissenting owners, particularly by developers who hoped to hold up a sale process and bargain owners down to a lower price.
“Developers have already found a way of exploiting owners,” OCN executive officer Karen Stiles said.
“By buying a lot in the building and becoming a dissenting owner, they can use that to hold the owners’ corporation hostage.”