"Urgency has arisen following tests revealing a reduction in bearing capacity of soils at the north eastern corner of the building near the boundary of the Peak Towers development," the statement said.
"That issue with the soil (and any issues in the waterproofing of Peak Towers) needs to be fixed before further works can be undertaken."
The statement said the "a loss of soil" occurred in the corner of the 10-storey building "where the cracking and structural problems first appeared in the beams in Mascot Towers".
The owners are meeting on Tuesday night to decide whether they will fund the remediation works through special levies or take out a commercial loan. Some owners had advised they were unable to meet the payments required for a previously approved $7 million special levy.
Earlier this month, the owners were told urgent remediation works were required to prevent "structural failure" as existing cracks to the building widened and new ones emerged.
The update to owners said the structural engineer who inspected the building found the foundation conditions were "significantly worse than previously assumed", which meant the ability of the basement slab to provide an ongoing support had been "significantly compromised".
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The expert report also said the Peak Towers development had likely caused "the erosion of fine particles and the destabilisation of land supporting Mascot Towers".
Aland has been contacted for comment. Managing director Andrew Hrsto said in a statement earlier this year that speculation about the cause of the damage to Mascot Towers was "unhelpful".
"Speculation attempting to link Aland's high quality project Peak Towers and the unfortunate events for the owners and occupiers of Mascot Towers is not only wrong but without any evidence".
The owners said they had been updating the NSW Building Commissioner, David Chandler, on the latest expert advice and test results regarding the site.
A parliamentary inquiry is scrutinising the state's construction industry after a series of apartment buildings across Sydney were evacuated due to safety concerns in the past year.
Megan Gorrey is the Urban Affairs reporter at the Sydney Morning Herald.
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