The causes of distress in the property sector have been compounding since 2022, the risk increasingly sits with developers and ultimately lenders, as projects default or remain undeveloped and security values are compromised.

Where Aster Alliance is engaged to work out a project, the priority is to undertake an independent review and report as follows;

❖ Check operational works and building permits are approved and compliant;

❖ Review historic and forecast cost, estimate the CTC and creditors;

❖ Review construction programme, critical path including procurement and estimate likely completion date and dependencies;

❖ Update the project risk register against all current issues identified; and

❖ Work with the lender, developer, builder and consultants to complete foregoing and document the completion plan.

Where the incumbent builder needs to be replaced, Aster Alliance can lead the selection process for the replacement builder.

Aster Alliance maintains an ongoing delivery management role to ensure contract and programme compliance, manage progress claims, update costs to complete, manage defects, obtain OC and sell the asset.