Rita – June 2017 Update

The developer for 14-18 Bent Street has advised that they are currently waiting on Council compliance. Once received, the Plan of Subdivision will then be lodged at the Land Titles Office (LTO).

It can take anywhere from 5 days to 3 weeks to receive Registered Titles from the LTO and when they do, they will be able to kick off the settlement process (assuming also that we have the Occupancy Permit, which is expected the week commencing 19th June).

Once settlement is triggered, purchasers will then have 14 days’ notice in which to settle their apartments, so at this stage, settlement is expected to be in early/mid-July.

We will keep you updated and provide more information when we receive them from the developer.

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Rita – May 2017 Update

Please find below latest update from the developer of Rita apartments at 14-18 Bent St, Bentleigh:

If you have driven past Rita Apartments recently, you will have noticed that construction has progressed significantly in the lead up to settlement. Final finishes are being completed in the apartments, with final defecting by the project team underway. Tiling has commenced in the lobby and is looking stunning. Externally, the scaffolding is due to come down in the next couple of weeks and landscaping will commence on the street level.

Settlement Timing

As mentioned in the April update, Xerri Group, the builders at Rita, have advised that completion of Rita Apartments is expected in June. Settlement is now anticipated to occur late June 2017, provided there are no delays with the Registered Titles and Occupancy Permit, both of which are required before a settlement date can be announced. We will continue to keep you updated on progress as we get closer to settlement. 

Valuation access

We are pleased to advise that bank valuation access will be available the week commencing Monday 22nd May, 2017.

If a bank valuation is required for finance for your apartment, please inform your financier/broker that access will be available from May 22nd and ask them to forward Tania’s contact details onto the valuation company to arrange access to site:

Tania Buttigieg
0434 347 663

We expect to be able to bring purchasers onsite to view their apartments early June, once construction is complete. When these dates have been confirmed, we will be in touch with everyone to arrange a time.

Should you have any queries regarding your apartment leading up to settlement, please do not hesitate to contact the Settlement Team via settlements@kinproperty.com.au or on the following mobile numbers:

Tania Buttigieg – 0434 347 663
Natalie Hanrahan – 0408 444 271

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Rita – April 2017 Update

We have received the following update for the Rita apartments at 14-18 Bent Street, Bentleigh.

Settlement Timing

We are excited to advise everyone that construction at Rita is progressing ahead of schedule, with Xerri Group, the builders at Rita, advising that completion is expected early June and settlement is now anticipated to occur mid-June 2017. We will keep you updated on progress as we lead up to settlement.


Funding Strategy for Your Apartment

In this current global financial environment, it is imperative to understand your funding options and assess your individual needs prior to seeking formal approval from a financier. Having a strategy in place will enable you to streamline the bank approval process and ensure that you are well prepared in a time when banks are limiting their lending exposure on new apartment funding.

If you have not already done so, we recommend you contact a finance broker immediately to ensure you are prepared well before settlement. Please let us know if you require recommendations for a broker and we will forward on contact details to you.

Strict Lending Criteria – Banks are being increasingly cautious as to who and how they lend their money. For example, other developers have reported recent incidents where buyers have not met the strict criteria set by their bank and have been forced to top up their lines of credit by gearing against other assets they own or inputting more cash. This is another good reason to start planning now.

Longer Approval Process – Funding approvals are taking longer due to the meticulous approval process of many banks. Different requirements from bank to bank are causing confusion and bank policy on lending is continually changing which only adds to the timeframe.

Conservative Valuations – The conservative nature of funding institutions is also seeing pressure placed on valuers.  In some instances this is resulting in downward pressure on valuations, requiring purchasers to use more of their equity to ensure they can complete their settlement.  Purchasers need to prepare financially for this possibility.

Transfer of Funds – Foreign purchasers

Transferring funds from overseas to Australia can be an arduous process and can sometimes take several months, especially if there are limits on transfer amounts.  Once a request for a transfer is lodged, some foreign banks may hold the funds for days before actually commencing the transfer.

It is also important sufficient funds are transferred, more than enough to cover all outgoings that will be included in your Statement of Adjustments (the document which outlines your final amount owing).  As the Statement of Adjustments cannot be confirmed until a few days before settlement, we highly recommend any funds requiring transfer are made based on an estimated amount confirmed by your legal representative several months before Titles are registered.

Please speak to your legal representative and/or financier in regards to transferring funds into an Australian bank account and/or your legal representative’s trust account, if required.

Late Settlement Penalties

Once settlement has been triggered you will have 14 days to settle your apartment (unless otherwise stated in your contract of sale).  If you do not settle on time you are liable for significant penalty charges, amounting to hundreds of dollars a day.  Your legal representative will be able to advise you further regarding your contractual obligations.

Valuation access

Should your bank require a bank valuation to be done, we are expecting that we will have access to site for valuers from May. We will advise everyone once a date has been confirmed by the builders.

Lovelight offer

Don’t forget to place your window furnishing order with the team at Lovelight, if you have not already done so.

Due to popular demand, Lovelight have been able to extend the cut off period required for orders to be ready for installation at settlement until May 19, 2017.  To save a further 5%, place your order online at www.lovelight.com.au/rita prior to May 19, 2017 and use the following log in details:

Username: RITA
Password: RITA

See attached letter of offer for more information or contact the team at Lovelight on 1300 763 171 or at info@lovelight.com.au.

Lovelight Quotation -RITA Apartments

Should you have any queries regarding your apartment leading up to settlement, please do not hesitate to contact the Settlement Team via settlements@kinproperty.com.au or on the following mobile numbers:

Tania Buttigieg – 0434 347 663

Natalie Hanrahan – 0408 444 271

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Rita – March 2017 Update

Please see below update from the developer of Rita Apartments:

Dear Rita Purchasers,

If you have driven past the Rita Apartments lately you will have noticed how well construction is progressing, with the builders well and truly back on site after the Christmas/New Year break.

Construction is on track for completion mid-year, with settlement still anticipated to occur in July.

Joinery installation, tiling and painting have commenced in the upper levels. Whilst plastering/lining of walls continues in lower levels and permanent power is likely to be available before the end of this month.

We would like to take this opportunity to introduce you to Lovelight. Lovelight specialise in quality window furnishings and installation. The team at Lovelight have put together an offer exclusively for purchasers of Rita Apartments and will be the only window furnishing company who have access to site prior to settlement. For more information, please see the below brochures or contact the team at Lovelight on 1300 763 171 or at info@lovelight.com.au. Please note that it is a legal requirement in Victoria to have window furnishings installed, if you are leasing your apartment.

Brochure – HDCommercial NEOTEC
Brochure – HDCommercial ZEN
Lovelight Quotation

Also, please find below a list of frequently asked questions in regards to settlement. We hope this information clarifies some questions you may have regarding the settlement process.

Rita FAQ

We will continue to keep you updated in the next few months leading up to settlement. In the meantime, if you have any queries please do not hesitate to contact the Settlement Team via settlements@kinproperty.com.au or on the following mobile numbers:

Tania Buttigieg – 0434 347 663
Natalie Hanrahan – 0408 444 271

Rita_March17_1 Rita_March17_2

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Rita – January 2017 Update

Happy New Year! We are happy to advise that the construction of the Rita residences are moving along smoothly. External cladding and glazing is progressing well whilst internally, the wall linings are in progress on levels 1 and 2 (completed on level 3), window frames and glazing are being installed on level 1 (levels 2 and 3 completed) and kitchen cabinets are being installed to level 3. Please find below photos of the progress.


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Rita – December 2016 Update

Xerri Group, the head contractor responsible for construction at Rita Apartments have completed structural and roofing works. External glazing and Internal works are progressing well with internal linings due to commence.

Construction is currently on track for completion in mid-June 2017, with settlement anticipated to be called shortly thereafter.

KIN Property has been engaged by Quanstar & Hexa Pty Ltd to coordinate your settlement at Rita Apartments. Natalie Hanrahan and Tania Buttigieg from KIN will be communicating with you regularly regarding important information about settlement and be your first point of contact should you have any questions moving forward.

Natalia +61 408 444 271

Tania +61 434 347 663

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Rita – October 2016 Update

The services are being roughed in to all floors at Rita, we expect level three structural steel erection in the next few weeks.

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Rita – September 2016 Update

Rita is looking great! Concrete structural works should be completed by the end of this month (third floor slab and structural walls).

Internal wall framing has commenced in lower floors and window manufacture is in progress.

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Rita – August 2016 Update

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Rita – July 2016 Update

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