The Cost of Luxury: When High End Developments Go Wrong The latest chapter in the saga of Elizabeth Quay's troubled luxury apartment tower, The Towers, has raised questions about the true cost of high end development and its consequences for investors.
A dispute between the strata company representing 275 residential apartments and developer Perth FEC Pty Ltd centers on alleged building defects totaling $10. 3 million.
The issues have only come to light years after construction was completed in 2019. The apartments at The Towers were marketed as among the most luxurious in Perth, with prices reaching up to $2. 5 million per unit.