Newfort Realty’s plan change that would involve the conversion of a residential development into serviced apartments looks to be coming at a big cost. The freehold site located just off of Orchard Road will be running a price of nearly $10 million in taxes for the firm for Lake Grande Jurong West Condo information.
This private firm that, as of 2013’s year end, has been held by 5 shareholders, has been faced with a residential market that seems abysmal. As a result the firm put the breaks on 68 unit residential project that had been planned at 18 Mount Elizabeth Road, regardless of the fact that the show-flat was close to completion and a $3.9 million development charge for Lake Grande had already it the firm.
MCL Jurong Land Lake Grande
Initially, the firm had failed to get the approval needed by the Urban Redevelopment Authority for the conversion. They did, however succeed with its consecutive appeals. The firm has been committed to keep this MCL Land Condo, for at least fifty years, as a serviced residence.
Since the firm did not follow through on what it had intended for developing the residential project that is for sale, they now cannot qualify for the ABSD, or additional buyer’s stamp duty remission, causing them to be hit with a $10 million bill for ABSD as well as a 2 year period of interest FOR Lakeside MRT Condo, given the property had been acquired back in 2012.
Jurong West Street 41 Condo
Newfort Realty now has to spend an additional $25 to 30 million for refitting and refurbishing the mcl land condo into a serviced residence with 98 units that will then be managed and branded under Oakwood.
This comes in addition to another $92.2 million that the firm paid in 2012 in order to acquire Chateau Eliza, a freehold estate consisting of 37 units. The collective Jurong MCL Condo sale equates to a $1,743 psf ppr land price, and a price that made this the most pricey en bloc residential site since 2007’s Lake Grande Jurong West Street 41.