How will you know you made a good choice?

The process of choosing a developer is very important, so if you are apartment owners in a building with the potential for a TAMA 38 or Pinui Binui project, you have surely asked yourselves this question more than once. Therefore, we have compiled a few points for you to check before entering into an agreement with any development company:

• Developer background – It is recommended to search online databases, including information on references. You can also reach out independently to apartment owners in other projects where the developer is or was active to hear their impressions of working with them. A thorough background check will provide apartment owners with the broadest possible overview regarding the developer's financial stability, professional capabilities, reliability, and availability to the project's apartment owners.
• Developer experience – Planning and engineering experience: it is important to ensure that the developer chosen to execute the project has the experience, expertise, and required licenses to bring your project to fruition. In this context, you should examine the scope of similar projects they have completed, the time it took to complete them, the complexity of the projects, and the stage of other projects they are currently executing.
• Due diligence – You should examine the legal background of the company headed by the developer: is the company legally incorporated and registered with the Registrar of Companies, and who are its shareholders?
• Verify the developer's willingness to provide the securities and guarantees required under the Sale Law, in order to ensure that if the project is "halted" for any reason, the apartment owners will be entitled to compensation equal to the value of the consideration they were expected to receive upon the project's completion.
• Examine the quality of the commercial offer for the apartment owners in the project, which primarily relates to the area of the future consideration apartment and its appurtenances (such as a balcony, parking, and storage room) and the quality of the proposed technical specifications.

Our tips

• Know how to make a proper comparison – Compare the different considerations offered to you once you already have the interior measurements of the apartments you own (carried out by a certified surveyor). This way, you will know your starting point, which will allow you to effectively examine the differences between the offers.
• Availability – Ensure that there is someone listening to you on the other side who knows how to make time for you when needed, without wasting time waiting on hold. Make sure the company has a project manager who takes care of advancing your project in the best possible way—someone who knows you and the project and serves as your direct point of contact for any problem or question.

In summary, the developer is the most central and important factor in an urban renewal project, and therefore their selection has a major impact on the project and its execution.