Developer to pay $3 million to guarantee apartment rectification

Australian 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.

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