Sunday, November 7, 2010

Apartments or Hotels

"... Mr Punch alleged in his statement of claim that the original disclosure statement received from Niecon subsidiary South Sky Investments revealed that he was buying 'a lot in a residential building'.

If he were buying today, that disclosure statement would have to declare it was an 'apartment in a hotel', he said in the claim. ..."


This is a warning to developers who build apartment buildings (such as Aurora) and then sell the management rights to Oaks to operate a residential building as a hotel.

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