There's always a risk purchasing any type of property. It's up to you and your lawyer to do the research of the condo complex you are interested in investing in. Basically, before you sign a contract your lawyer should be checking the financials and the policies. When there is a new conversion many banks want more than 50% ownership, certain amount of insurance and financial status and so on. When there is a new conversion usually the building has a bank or two that they are working with that's willing to give new buyers a loan if qualified.
Jade with any project where you are obligating yourself to make a payment routinely there is risk. This codo you are looking at may be a good deal if you already rent an apartment there. As for borrowing the lender will access your credit worthyness as well as the project itself.