Mace has agreed to cover the full costs of re-cladding a £225m London scheme found to have Grenfell-style cladding.
The company confirmed in a meeting with residents last week it would foot the bill to re-clad two blocks at its Greenwich Square Project in south-east London.
Residents were told by the company that the firm had decided to cover the cost so the cladding would be removed as soon as possible.
Mace also said that its action would ensure it minimised additional costs such as a 24/7 fire patrol at the building, known as the waking watch.
CN revealed last month that the company paying around £100,000 a month to cover the 24/7 waking watch fire patrol in place at the building.
The company has said it would continue to pay waking watch bills until the work is complete.
The contractor follows developers such as Barratt, Legal & General and Taylor Wimpey who have also recently agreed cover the costs to remove dangerous cladding.
Mace expects to start the remedial works later this year, with final plans expected to be outlined to residents in October.
It will take at least 10 months to complete, but no residents will be moved out of their properties during that time.
The work will include replacing the front cladding panels and insulation, residents have told CN. It is not yet known how much the re-cladding will cost.
In April, Barratt confirmed that they would pay an estimated £2m to cover the costs of re-cladding the Citiscape development in Croydon after a property tribunal found residents liable for the work.
Last November Legal & General agreed to cover the costs of re-cladding a 330-home development in Hounslow, while Taylor Wimpey also agreed to pay a £10m bill to cover costs on a development in Glasgow Harbour.
CN revealed last month that category 3 ACM cladding had been discovered at the Greenwich Square scheme. Category three is the most combustible of all three ACM cladding types.
According to the latest figures from the government’s Building Safety Programme, 297 private tower blocks have been found to have ACM cladding on them. Only four of these blocks have so far been fully re-clad.
A Mace spokesman said: “In a letter, and at one of our regular meetings earlier this week, we were pleased to be able to inform residents at Greenwich Square that the required remedial work to the cladding will be done at no cost to them.
”The safety of our residents has always been our top priority and we wish to thank them again for their patience while we worked to reach this outcome.
“As previously discussed, we are finalising our plans and will provide further details directly to residents as soon as we are able to.
“But we can confirm that residents will not have to vacate their homes while the work is undertaken and a waking watch will remain in place as long as necessary.”