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Apartment exemption certificate granted by the OIO

By Steven Lee - 28 Jun 2019

Martelli McKegg is pleased to announce its recent achievement of securing an Exemption Certificate for the Jervois and Lawrence Apartments development in Herne Bay for the maximum permissible percentage on 27 June 2019. Steven Lee and his team supported the developer through the process of the application for the exemption.

An Exemption Certificate allows overseas people to buy apartments off the plans. The developer can sell up to 60% of the units to overseas people, and those overseas people who buy do not need consent from the OIO. They cannot live in the apartments, but they can own the apartments as investment properties and do not have to on-sell the apartments.

The apartment development must involve the construction of one or more multi-storey buildings, where each building consists of at least 20 residential units or the increase in the number of residential dwellings in one or more multi-storey buildings by 20 or more.

If you are a developer intending to apply for an Exemption Certificate for your development and require any assistance in this regard, please contact Steven Lee or Genelle Seah of this firm. We can assist you step by step in the process of applying for the Exemption Certificate, including advising you on what you will need to provide to the OIO for a successful application.


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