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Conversion to serviced apartments a costly affair for Newfort Realty

Developer had to pay about S$10m in taxes after deciding to change Orchard Road freehold development


A CHANGE of plans that involved converting the residential development on a freehold site off Orchard Road into serviced apartments has come at a hefty cost for Newfort Realty, which has had to cough up some S$10 million in taxes.

Daunted by the abysmal residential market