New Standard of Accountability for Developers
A recent agreement between Sydney developer, Toplace, and buyers of the Skyview Towers complex, may set a new standard of accountability for developers.
Toplace has agreed to be liable for structural defects for Skyview Towers for the next 20 years. The NSW Building Commissioner conducted a review and advised the building should be monitored for the rest of its existence to give ongoing protection for owners.
This is the first agreement of its kind but not expected to be the last. There are multiple apartment blocks under examination by the Commissioner.
State Governments are not the only institutions examining the industry. Insurers are beginning to withdrawal from the construction industry due to the impact of litigation on profit performance. This increased liability for developers, and diminishing insurance market, means the industry needs to focus on lasting value and sustainable approaches to engineering. It’s no longer feasible, or safe, to take short-cuts. Engineering needs to be smart, considered and deliver lasting value for clients – not just the immediate developer, but the owners for many years to come.
If you would like to understand more about “short-term” engineering versus lasting engineering, contact one of our structural directors today.