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.