An award-winning hillside residence in Port Douglas that was completed in the early 2000s is still eligible as a new residence under FIRB rules, thanks to the fact the wealthy Singapore owners never had time to live in it.
It’s a fortuitous twist in the rules that stipulate foreign buyers can buy only new properties, opening up the market for this $7.2 million mansion to overseas buyers.
While Sotheby’s International agent Paul Arthur declined to name the owners, records sho… (View original article)