CDL Limited has planned for a change that involves the conversion of a residential project into serviced apartments that came at a huge cost. The leasehold site situated off of Orchard Road is costing at a price tag of nearly $10 million in taxes for the company for Piermont Grand Condo information.
This private company in 2013’s year end, was held by 6 shareholders, was looking at the residential market that seems abnormal. This result the firm to put the contract on 68 units condo project that had been ruled at 18 Mount Elizabeth Road. This is regardless of the reason that the showflat was near to completion and a $3.9 million project charge for Piermont Grand into the name of the firm.
For a start, the firm was unable to get the approval by the URA Authority for the change of use. They did not succeed with its continuous appeals. The company is committed to conserved this Piermont Grand EC, for minimum fifty years into a serviced home.
The company did not walk through on what it had intended for building the residential project that is on sale, they also not able to qualify for the ABSD, or the additional buyer’s stamp duty rebate. This resulted them to match up with a $10m bill for additional buyer’s stamp duty. This has a 2 years period of interest free for MRTs Condo. This condo was acquired back in 2012.
CDL Realty spent an extra $25 to 30 m for refurbishing and refitting. The CDL land condo converted into a serviced home with 98 condo units that will then be branded and managed by them.
This is with an addition to another $92.2 m that the company paid in 2013 in order to re purchased Chateau Eliza. It is a freehold estate comprising of 38 units. The collective Punggol CDL Condo sale is equivalent to $1,743 per square feet ppr on land price. This is a price that resulted in this highly priced en bloc residential land since 2006’s Piermont Grand Sumang.