The new NZS 3910:2013 standard form building contract has been published

Most residential property developers use the NZS 3910 standard form of building contract.  It’s used for infrastructure works for a subdivision or for building high-rise apartments.  It’s used regardless of the procurement method e.g. traditional client-designed projects, design/build (with or without novated design consultants).  NZS 3910 has just had a make-over.  This should mean fewer special conditions…

Developers – are you going to join the body corporate committee?

Developers commonly become members of the body corporate committee, especially if units remain unsold or it is a staged development, so as to retain control. There has been a recent case (Guardian Retail Holdings Limited v Buddle Findlay High Court, 27 June 2013) considering body corporate committee member’s personal liability.  The underlying issue was the…

Whats different about residential property development in 2013?

We are seeing new structures and different property offerings.  Now Government, Council, community organisations, iwi are all active in this space.  The focus is mostly affordable housing – ironically being delivered via complex contract structures with multiple parties involved, probably adding cost to the development process.  But the land is going into and out of…

Pre-sales that are bankable enough for the bank, flexible enough for the developer and sound enough for the buyer

It’s tricky – anticipating what the bank will want; especially if your plan is to change lenders once development funding is needed.  It definitely involves wearing a banker’s hat.  Balance that with matching the flexibility a residential property developer needs to manage unexpected changes, and the requirements of the contract to be something the market…