❓ A WA parliamentary question seeks details on the land sale at Elizabeth Quay to Far East Consortium, specifically regarding payment, title transfer, and contingency plans if the hotel construction is not completed. The answer clarifies payment terms, title transfer timing, and the MRA's right to repurchase the land if contractual obligations aren't met.
AnsweredQoN 3946Legislative Assembly
QuestionView source ↗
I refer to the sale of land at Elizabeth Quay to Far East Consortium for the construction of apartments and a hotel, and I ask: (a) has payment been made for this land by Far East Consortium, and if so, on what date and in what amount has payment been made; (b) has title been issued to Far East Consortium for this land; and (c) does the arrangement for the sale of land contemplate what will happen if Far East Consortium is unable to complete a hotel on this site, and if yes, what is contemplated to happen?
AnswerView source ↗
Answered
20 May 2015
Responded by
Minister for Planning
Response time
29 days
(a) No. $27,500,000 (including GST) plus an overage payment mechanism will be received at settlement.
(b) No. Transfer of title will occur at settlement.
(c) Yes. Project Development Agreement (contract) between Far East Consortium and the Metropolitan Redevelopment Authority (MRA) requires a hotel to be constructed simultaneously with the residential apartments. If contractual milestones and requirements are not achieved, there is provision for the MRA to repurchase the lots for the lesser of market value or repurchase price (less costs). This is standard provision in MRA contracts.
(b) No. Transfer of title will occur at settlement.
(c) Yes. Project Development Agreement (contract) between Far East Consortium and the Metropolitan Redevelopment Authority (MRA) requires a hotel to be constructed simultaneously with the residential apartments. If contractual milestones and requirements are not achieved, there is provision for the MRA to repurchase the lots for the lesser of market value or repurchase price (less costs). This is standard provision in MRA contracts.
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