Subscribers

MBFC owners win property tax refund appeal

Court of Appeal rules that vacancy refunds extend to fitting-out periods

THE owners of Marina Bay Financial Centre (MBFC) Towers 1 and 2 have won an appeal to recover $6.9 million in property tax refunds, with the Court of Appeal having ruled that vacancy refunds extend to fitting-out periods as well.

In a landmark decision made public yesterday, the appellate court ruled that BFC Development - even after it had secured tenants for a number of units in MBFC - was entitled to vacancy refunds, including for the period while renovation works were being done, because the units...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes