Sterling success: How LDI boosted confidence for Scion and its buyers in Lane Cove North
When the development team at Scion was offered the opportunity to acquire an apartment project in Lane Cove North that was half-built, they had to be sure they knew what they were getting in for.
It was the first time the developer, which has its own building arm, was taking over a building that had already commenced construction.
Their minds were set at ease instantly when they were told the development had Latent Defects Insurance and had undergone the technical inspection service program by reputable industry experts since commencement. Sebastian Jabbour, Director of Operations at Scion, says it gave the team confidence to take on the project.
“Because we weren’t the developer who had brought on Latent Defects Insurance, we weren’t fully aware of all the benefits that came with LDI,” Jabbour says.
“It was remarkable how thorough the building inspections by the Technical Inspection Service were. It meant we had a third party ratifying the part of the build process we weren’t a part of - which was really the driver in us getting involved in the project.”
Scion is approaching completion of The Sterling, the first development in Lane Cove North with LDI. The 50 one, two and three-bedroom apartments which start from $750,000.
Jabbour says he was also surprised as to how much impact it had on buyers, a sentiment echoed by Mark Bernberg, Ray White Projects Western Sydney Managing Director.
“We’ve got purchases who are literally buying because of LDI,” Bernberg says.
Scion’s experience with Latent Defects Insurance has seen them take it out on their upcoming new development, Chatham West Ryde, which will also be the first new apartment project in West Ryde with LDI.
