This article originally appeared on Domain
A game-changing new insurance could be the key to ensuring new apartment nightmares are a thing of the past.
Imagine this: You buy a new apartment, live in it blissfully for a few years, then discover it has a major flaw that could cost millions and take several years to fix. What’s more, progress is delayed as the developer, builder and owners grapple to figure out who is responsible for repairing specific defects.
This nightmare scenario became a reality for hundreds of Sydneysiders caught up in the debacles besetting Mascot and Opal Towers.
Thankfully progress is being made to make these nightmares a thing of the past. And a game-changing new insurance could be the key to offering new-home buyers total peace of mind.
Urban Property Group is proud to be the first developer in Australia to act on the government’s call to action to secure Latent Defects Insurance for The Parq in Bexley, and now La Vera apartments in the heart of Macquarie Park.
Introducing the new game-changing Latent Defects Insurance
Latent Defects Insurance (LDI) protects consumers by enabling them to go directly to the insurer to claim the costs of rectifying structural defects.
Also known as Decennial Defects Insurance, it is taken out by the developer or builder before construction commences. The 10-year insurance period starts once the certificate of practical completion is issued under the building contract.
Patrick Elias, CEO of Urban Property Group says, “LDI is an absolute game changer as the insurance policy stays with the building, not the builder. It’s about putting confidence back in the market and giving consumers peace of mind when buying off the plan.”
LDI protects you even if the developer folds
Importantly, the LDI policy goes with the building, not the builder or developer. Should a developer cease to exist and not be able to honour their liability period, buyers are still protected under LDI.
“We’ve seen developers and building companies collapsing, shutting down or ghosting and buyers are left holding the baby,” says Dennis Vertzayias, partner and director of Laver Residential Projects, the exclusive selling agent for La Vera.
“With LDI, you’re not relying on the builder or developer being operational in, say, five years’ time.”
LDI also protects successive owners should they need to make a claim over the 10-year period.
Leading government-backed reform
The legislation behind LDI forms part of the NSW Government’s efforts to reform the building industry and was passed in November 2022. Urban Property Group has enthusiastically gotten on board to benefit buyers.
“We are proud to be the first developer in Australia to act on the government’s call to secure LDI,” Elias says.
Elias believes customers will drive the market for LDI as they increasingly look for developers and builders to stand by their products and protect them from the risk of defects.
Urban Property Group was also among the first to gain an Independent Construction Industry Rating Tool (iCIRT) rating. This five-star rating system, which is administered by Equifax, provides unbiased information to help buyers identify and compare building professionals based on evidence of their ability to deliver trustworthy buildings.
Participating in this transparent and auditable process has “validated our proven track record as a trustworthy professional,” Elias says. Urban Property Group has been in business for over 35 years and successfully delivered 42 developments to date.
Vertzayias says Urban Property Group goes to “extreme lengths” to deliver peace of mind for buyers. Their LDI offering and iCIRT rating “really speak of them backing themselves to deliver a great product,” he says.
Quality construction meets beautiful design
Buyers can also rest at ease knowing the interiors at La Vera match the quality construction. “We’ve considered not only the aesthetics but the functionality of the spaces, ensuring they are usable and practical for long-term living,” Elias says.
According to Vertzayias, top architects and interior designers were consulted to get the designs and layouts just right.
Most of the one, two and three-bedroom apartments have a “beautiful northeastern aspect that looks back to Lane Cove National Park,” he says. “And the detail and finishing are among the best in the precinct.
“We invite people to visit our sales display showroom, where we’ve got incredibly accurate 3D walkthroughs that show you the actual views and different floor layouts.”
Interested parties can call 1300 180 188 to secure a private viewing of the display suite at 66 Talavera Road, Macquarie Park.
