The complex, on Queenstown Hill's Edinburgh Dr, was built in 1999 - the prime period for approved building practices which were later found to be flawed.
Apartment owner and body corporate committee member Stan Gyles said each owner was having to pay $41,500 towards repair work and fees.
''It's a building bungle that's cost us inconvenience and money - tenants have to vacate their buildings so there's also a loss of income.''
He said legal action would be considered once repairs were completed.
''Whilst the work is necessary, it hasn't improved the value of the property - it's not like putting on an extension or a new bathroom - this is all hidden.''
A building consent has been lodged for three months of repair work, costing $360,000, including replacing cladding on the entire south wall.
A building surveyors' report written two summers ago suggests the complex, which has spectacular views of Kelvin Heights and Lake Wakatipu's Frankton Arm, has ''extensive moisture ingress'' and damage is ''potentially widespread''.
The report, by Savanna Technical, blames ''very poor'' workmanship of the ''external building envelope''.
It is understood any legal claim from the apartment owners is outside the statute of limitations.
Naylor Love's central regional manager Justin Calder said the company did not necessarily agree or accept the Savanna report's findings.
''Naylor Love has always undertaken repair work for which it is responsible under all construction contracts and will continue to do so.''
He said the units' external cladding would not be consented under today's building code.
''Naylor Love was not responsible for either design or consent.''
Queenstown Lakes District Council chief executive Adam Feeley said the council was not aware of leaky issues with the complex.
The council was involved in eight leaky building legal claims last year, its annual report reveals. - Mountain Scene
