The Seven Stars
The Firm’s work for this client commenced immediately after the developer’s acquisition of the main development site, and included advising on the acquisition and disposal of additional parcels of land to be included in the development site, the removal of easements over the development site, advising on the most efficient structure to undertake the development, securing the transfer of title to additional properties to be included in the development site, arranging the cancellation of a strata plan on an acquired site, negotiating building setbacks with neighboring developers, negotiating Development Agreements with Government, assisting with Planning Submissions, advising on financing options, drafting and reviewing Architectural and Construction Contracts, drafting standard Sale and Purchase Contracts and documentation, drafting a real estate listing agreement, answering questions and negotiating sale and purchase agreements with prospective buyers and their counsel, acting as Trustee and stakeholder for deposits prior to commencement of construction, advising on and establishing a management structure and entities, drafting and advising on employment contracts, advising on handing over the management of the development to owners and the assumption of management responsibilities through a developer-controlled management company.
Financing the Development
We provided advice on financing options and assisted in securing and structuring financing, including traditional bank borrowing, and advising on structuring a joint venture for food and beverages.
We advised the developer on business licensing obligations, work permits, national insurance, health and safety, and physical planning obligations.
The Development Agreement
We undertook negotiations with Government regarding the reduction of import duties, permanent residency certificates, and work permit assurances.
Sale & Purchase Agreement
We advised on provisions providing for the forfeiture of deposits on default, provisions prohibiting the assignment of a purchase agreement during the developer’s sell-out period, claw back clauses, drafting and advising on suitable bylaws providing for a residential resort, or a flexible development, advising on the level and timing of interim payment obligations, advising on drop dead dates for the commencement of construction and the completion of the development, and advising on clauses providing for the conditionality of Sale & Purchase Agreement until the grant of planning permission.