Mascot Towers owners will be asked to consider selling the complex which has been cracked since June last year following an escalation in costs to repair the building that could now total $53.5 million.

Remediation works were initially forecast to be between $12 million and $20 million, but costs have increased by an additional $10 million.

Mascot Tower owners will consider selling the building at an EGM. Credit:Steven Siewert

In August last year, remediation works were estimated to cost about $7 million, but the bill has increased dramatically over the last few months, with residents this week given an estimate of $32 million.

An additional $21.5 million would be required to pay back a 15-year strata loan, pushing the total cost for residents to $53.5 million - about $10 million more than was last estimated.