Property developers TOGA, HELM and Meriton have been awarded gold stars in a new ranking aimed at offering confidence to home buyers.So far, 160 developers have signed up to receive the voluntary rating in NSW.People who buy a defect-ridden apartment in future will only have themselves to blame, NSW Building Commissioner David Chandler has declared while revealing the first three developers to be awarded gold stars under his new rating system.
“I’m urging consumers to really take this seriously,” Chandler said. “You now have a power card and if you don’t choose to use that, then I can’t help you. Ratings company Equifax examines a company’s project data, building performance, insurance claims, licence checks, awards, trading partners, credit records, financial data and their own and related partners’ criminal history. The intention is to assess them on capability, conduct, character, capacity, capital and counterparties.
“Frankly, for rated developers, I think the next three to five years are going to be the golden years of residential apartment building sales. “If there are any issues, we go back and fix them and we have a reputation after so many years as a developer who can be trusted. People are spending a lot of money on apartments and making big decisions and there’s more and more acknowledgement now that the rating system is there to make sure things can’t go horribly wrong.”
he had about the fair trading portfolio under then minister Eleni Petinos, who was later sacked, albeit for allegedly unrelated issues.
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Source: FinancialReview - 🏆 2. / 90 Read more »