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S P Setia acquires sixth parcel of land in Melbourne for RM1.37 bil project

The Edge Property logo The Edge Property 19/6/2017

Datuk Khor Chap Jen © Provided by The Edge Datuk Khor Chap Jen

PETALING JAYA (June 19) : Property developer S P Setia has successfully won the bid for its sixth land parcel in Melbourne, the group announced in a press release yesterday.

The major site 111, A’Beckett is located in the Melbourne Central Business District (CBD), opposite Fulton Lane, S P Setia’s first Melbourne project.

"We are truly pleased and happy with this fantastic news. This is another golden opportunity for S P Setia to deliver yet another development par excellence in Melbourne, the world's most livable city for the sixth year in a row”, said S P Setia CEO and president, Datuk Khor Chap Jen.

The 1,714 sq m site was acquired for AUD$61 million (RM198 million) in a highly competitive International Expression of Interest bidding exercise by CBRE.

The developer is planning to launch a high-rise residential development on the site in 2H2017 with an estimated gross development value (GDV) of AUD$419 million (RM1.37 billion).

“The winning bid reaffirms Setia’s long-term commitment and confidence in the Australian real estate market. We remain optimistic on the property market in Australia and will continue to look out for more acquisition opportunities,” Khor added.

Meanwhile, its latest project in Melbourne launched over the weekend called Sapphire by The Gardens located at 308 Exhibition St has seen a 70% take-up rate.

Located in the heart of the city offering the most exclusive address on a 4,140 sq m plot, the project overlooks the UNESCO World Heritage-listed Carlton Gardens in the upper-east end of Melbourne's CBD.

Sapphire By The Gardens is part of the two-tower development designed by two of Australia’s world renowned leading architectural practices -- Cox Architects and Fender Katsalidis.

The residential tower will have 345 luxury apartment units as well as office space while the retail space will occupy the lower levels of the development.

A sky bridge will connect both towers. Sizes of the apartments range from 50 sq m to 660 sq m while prices start from A$550,000. The GDV of the development stands at A$480 million.

Last Wednesday, the group inked a partnership with Shangri-La Hotels & Resorts to operate the hotel tower.

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