How to Apply: Non-Residential Real Estate

For acquisitions of non-residential real estate, in addition to a section 26A statutory notice – Form 3 (if applicable), proposals must include the information outlined below. All applications involving government-related entities must also address the Guidelines for foreign government investment proposals (see Attachment A of the policy).

1. Parties to the proposal

For both the purchaser and the vendor:

• name;
• major activities and locations;
• major subsidiaries and associated companies (not required for the vendor);
• a copy of the latest financial statements, which should include total assets, net tangible assets and pre‑tax profits (not required for the vendor);
• details of ownership (including identity of ultimate or beneficial owners); and
• country of ultimate control of purchaser.
2. Details of the property
• Street address and land title details;
• description of the property (for example, commercial/retail/industrial building or vacant land), including its current use; and
• a copy of the contract/agreement
3. Consideration
• Amounts involved and the source of the funds.
4. Reason(s) for the proposal
• From viewpoints of the vendor, target and purchaser.
5. Brief description of the purchaser's future intentions for the property, including amount of development expenditure proposed (if applicable).

If the proposal involves vacant land, include:

• full details of the proposed development; and
• an undertaking signed by the proposed purchaser stating that continuous development will commence within 12 months of foreign investment approval for residential development or within 5 years for non-residential development and that they will spend at least 50 per cent of the purchase price of the land developing the site.

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