TURNING POINT FOR CONSTRUCTION INDUSTRY PUT TO A VOTE

FOR IMMEDIATE RELEASE
THURSDAY OCTOBER 6, 2022

Last night’s Extraordinary General meeting at Sydney’s Ovation Quarter development resulted in a huge turning point for the construction industry as Owners Corporation voted in favour of signing a deed allowing AYMCI to finalise defects.

Months of collaboration have taken place with the Secretary of the Department of Customer Service, the Undertaking Manager, the Owners Corporation and AYMCI to conclude with this positive vote.

“We are extremely pleased that we finally have the Owners Corporation fully on board by signing the deed. This will allow us to continue with rectifying all defects within a streamlined process and fulfilling our obligations in accordance with the Undertaking,” said AYMCI Director Jason Tan

“The first stage of our development at Ovation Quarter can finally be closed off with no further litigation on defects outlined. This new process is truly a turning point for the construction industry,” said Mr Tan

“What people do not realise is this process allows us to work together with the Owners Corporation and answer questions that owners want to ask in an open forum. We can come to a resolution and move forward without any time and money wasted on litigation. This allows owners to feel at ease with the team engaged that will fix defects to a high standard every step of the way,” he said

NSW Building Commission David Chandler in a bid to improve building standards and consumer protection over apartment purchases has devised a scheme and process that needs to be followed in this industry.

The new initiative is to help the Owners Corporation find resolutions and have defects remediated through the Better Regulation Division under NSW Fair Trading laws. Strong compliance and enforcement powers fall under the Residential Apartment Building Act

“Our commitment to this process is to provide the government with $3 million as security which includes a substantial buffer when compared to the actual works. This guarantee acts as a warranty to the owners for a period of six (6) years to ensure we follow through,” said Mr Tan

“We have a lot of work in the pipeline and after this sign-off we can now freely continue to focus on our next stages.”

Sapphire comprising of ninety-five (95) apartments is the next release by AYMCI in the next couple of weeks backed by Colliers as the selling agents. Ovation Quarter with its development approval is due to expand with another 411 apartments and a further 260 dwellings over the next couple of years into ‘Western Sydney’s Green Beating Heart’.

“By the time these projects are underway, we intend to receive our iCirt rating as well. We are committed to our projects in Australia,” said Mr Tan

The Independent Construction Industry Rating Tool (ICirt) was created by Equifax of NSW to assess development and construction professionals in their projects. This is part of the NSW Building Commissioner’s new initiative to tighten building regulations and inspections instilling trust in the NSW residential development industry.

Australia YMCI is a subsidiary of Yunnan Health & Cultural Tourism Holding Group Co LTD (HCT) formerly known as Yunnan Metropolitan Construction Investment Group with 15 years of development history. Its business covers cultural tourism, wellness, urban development, and environmental protection including industrial investment and finance.

Backed by its Chinese counterpart Australia YMCI brings a wealth of experience as a developer that stands to deliver a wide range of major urban and environmental projects, with a focus on sustainable construction and a commitment to helping people live healthy and happy lives. When you buy into an Australia YMCI development, they will stand by you.

“We are powering ahead going through a process to bring the best of the best on board to create a mini city that you would be proud to live in,” he said.

Media Enquiries:

Maria Salter

Marketing and Communications Manager
M: +61 413 143 833
E: maria.salter@ymci.com.au

Suite 1B, 29-33 Carter Street Lidcombe NSW 2141