Commercial Real Estate For Development

Acquisitions of real estate for commercial developments not to be used for residential purposes are normally approved (unless considered contrary to the national interest) subject to:

* continuous construction commencing within 5 years;

* a minimum amount equivalent to 50 per cent of the acquisition cost or current market value of the land (whichever is higher) must be spent on development; and

* once construction is completed, the parties notifying the completion date and actual development expenditure.