The Parq, developed by Urban Property Group and designed by Urban Link Architects has officially opened in Bexley, with the precinct the nation’s first Latent Defects Insurance (LDI) building.
The mixed-use development comprises 7,500sqm of premium space, including 67 apartments, ground floor retail, a gym, childcare centre and rooftop garden.
LDI covers structural defects and other key areas of a building for ten years after completion, with the NSW Government offering the policy to property developers. Building owners can make a claim as soon as an issue is discovered, and mitigates drawn out litigation processes.
“We believe in providing housing that combines market-leading design, prime location and proximity to amenities – both within the building and in the surrounds – while catering to a range of uses and tenants,” says Urban CEO Patrick Elias.
“The Parq exemplifies this future-focused development strategy, and we are proud to contribute to the growth of housing in Sydney’s outer cities, particularly in Western Sydney, where high-quality, accessible housing is increasingly critical. The demand for this type of housing is clear, with The Parq already 97 percent sold before its opening.
Elias believes that the LDI taken out by his company will assist and protect customers and should be adopted by the wider property industry if possible.
“We are also passionate about affordability and the LDI enhances the affordability of apartments with a premium lower than the existing mandatory Strata Bond, which is important at a time when interest rates are rising and cost of living impacts are significant,” he says.
“Urban is immensely proud to be the first developer in NSW and Australia to act on the Government’s call to action and take out LDI for The Parq, Bexley. We believe DLI will create a compelling market proposition for buyers looking for developers and builders to stand by their products and protect their customers.
“We take a customer-first philosophy to development, which makes LDI an important addition to our development product. This is a natural extension of our iCIRT rating, which helps customers identify trusted players who continuously lift industry standards and rebuild public confidence in the residential apartment industry.”
Urban is distinguished as an iCIRT-rated developer and builder, ensuring high-quality design and delivery in its projects. The Parq stands out as an industry-first with both a BTI score and LDI, receiving a BTI 4+ score as a 'Trustworthy Indicator' for the project's construction quality based on material, process, and participant data.
