Mascot Tower owners will consider selling the building at an EGM.Credit:Steven Siewert
In August last year,remediation works were estimated to cost about $7 million,but the bill has increased dramatically over the last few months,with residents this week given an estimate of $32 million.
An additional $21.5 million would be required to pay back a 15-year strata loan,pushing the total cost for residents to $53.5 million - about $10 million more than was last estimated.
Residents of the 132 apartments were evacuated in June last year overcracking in the primary support structure and facade masonry,causing fears the building had become unstable.
At an extraordinary general meeting,owners will be asked to consider selling or repurposing the building,possibly into affordable housing. The date for the meeting is yet to be set.
Any decision on the building’s future will not impact legal action,a statement from the Mascot Towers Owners Corporation said.
“The cost escalation has been significant,and owners have faced the additional burden of personal financial hardship as a result of COVID19,which has resulted in some owners struggling to pay their loan levies to fund the repair of the building,"the spokesperson said.