Billionaire Gerry Harvey takes out Resilience Insurance Latent Defects Insurance on new Dubbo apartment development
Harvey Norman billionaire Gerry Harvey has recognised the importance of giving new apartment buyers in his Dubbo apartment development as much confidence to invest in a type of property the local area won't be overly familiar with.
Harvey is working on Dubbo's first high-rise, off the plan apartment development in partnership with the local Walkom brothers.
The joint venture partners have taken out Resilience Latent Defects Insurance (LDI), the new policy that protects off the plan apartment buyers from any structural defects of the building for 10 years post-completion.
Some of Sydney’s biggest and most respected developers have embraced the new insurance. The likes of Deicorp, Kanebridge, Princeton, Abadeen, Coronation Property and Urban Property Group have rolled out the insurance across some, if not all of the projects they’re currently undertaking.
Read more: What is Latent Defects Insurance and is it bringing confidence to the off the plan apartment market?
The new $35 million development, currently under construction and slated for completion in late 2025, will be the tallest building in Dubbo by some way at 15 levels.
The project, which comprises 80 apartments, the majority of which are two-bedrooms, is already 70 per cent sold. The remaining apartments are scheduled for release next year.
The apartments, which feature views of the Macquarie River and the surrounding bushland from the upper-level balconies, will sit above commercial and retail spaces and parking for over 100 cars.
What is Resilience LDI?
Resilience LDI is the first Latent Defects Insurance policy in Australia. The insurance provides off-the-plan apartment buyers with a 10-year warranty on their new apartment and the building it's situated in.
The cover is purchased by the property developer/builder (pre-construction) and is designed to protect owners against any immediate or future problems with the structural components of their new property, from leaks to cracks and everything in between.
For more information about Resilience LDI, click here.
