❓ Hon. Amber-Jade Sanderson questions the Minister for Planning regarding stamp duty and land price for Far East Consortium's purchase of sites 9 and 10 at Elizabeth Quay. The Minister provides a combined answer, outlining the structured transaction and stamp duty responsibility.
AnsweredQoN 338Legislative Council
QuestionView source ↗
ELIZABETH QUAY — FAR EAST CONSORTIUM
PURCHASE
338. Hon
AMBER-JADE SANDERSON to the minister representing the Minister for
Planning:
I refer to the purchase by Far East
Consortium of sites 9 and 10 at the Elizabeth Quay development.
(1) For the
purchase transaction for site 10 for the residential towers, how much stamp
duty will be paid?
(2) For the
purchase transaction for site 9 for the hotel, what is the nominal price of the
land, and how much stamp duty will be paid?
PURCHASE
338. Hon
AMBER-JADE SANDERSON to the minister representing the Minister for
Planning:
I refer to the purchase by Far East
Consortium of sites 9 and 10 at the Elizabeth Quay development.
(1) For the
purchase transaction for site 10 for the residential towers, how much stamp
duty will be paid?
(2) For the
purchase transaction for site 9 for the hotel, what is the nominal price of the
land, and how much stamp duty will be paid?
AnswerView source ↗
I thank the member for some notice of this question.
(1)–(2)
Sites 9 and 10 were negotiated as one package, rather than individual lots, to
ensure that the Ritz-Carlton hotel is delivered in the same time frame as the
apartments. The commercial terms are a structured transaction rather than a
single purchase price, with a starting price of $25 million plus a percentage
of residential apartment sales. Stamp duty will be paid by the purchaser, Far
East Consortium, as determined by the Office of State Revenue.
(1)–(2)
Sites 9 and 10 were negotiated as one package, rather than individual lots, to
ensure that the Ritz-Carlton hotel is delivered in the same time frame as the
apartments. The commercial terms are a structured transaction rather than a
single purchase price, with a starting price of $25 million plus a percentage
of residential apartment sales. Stamp duty will be paid by the purchaser, Far
East Consortium, as determined by the Office of State Revenue.
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