Howard is based in Burnaby and covers real estate, housing policy, and the development industry.
The foreclosed site that was formerly owned by Coromandel Properties consists of 5188 and 5210 Ash Street in the Cambie Corridor of Vancouver, near Queen Elizabeth Park.One more development site that was formerly owned by Coromandel Properties has now completed its court-ordered sales process, as the embattled developer's portfolio of assets continues to get smaller with each passing month.
At the centre of the case was a first-ranking loan agreement for the principal amount of $9M. In July, the Supreme Court granted an order nisi that confirmed that outstanding debt at $9,189,584.84 as of July 17, 2023, plus interest. A second-ranking mortgage was held by Dong Sheng Capital Management Ltd.
According to Colliers, a total of 13 prospective buyers showed serious interest, with six of them progressing to the stage of signing confidentiality agreements.for $7M, an offer by ZJ Holdings Ltd. for $6.5M, an offer by 1452085 BC Ltd. for $11.2M, and an offer bywith Interior Savings on January 1, 2024 to become Beem Credit Union, returned to the court seeking approval for the $11.2M offer made by 1452085 BC Ltd.
Budget 2024 includes a series of smaller actions that are flying under the radar, including a Short-Term Rental Enforcement Fund and an accelerated capital cost allowance for new rental construction.Everything Housing-Related Trudeau Has Promised Pre-Budget Drop
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