SP SETIA PLANS HIGH-RISE PROJECT IN MELBOURNE

Developer says purchase of A’Beckett Street site for A$61m reaffirms its long-term commitment in Australia

KUALA LUMPUR

SP SETIA Bhd plans to develop a plot of land in Melbourne, Australia, into a high-rise residential project worth over RM1.3 billion. The company announced yesterday that it had won the bid for its sixth land parcel in Melbourne.

The site at 111, A’Beckett Street is located in the Melbourne Central Business District (CBD) is located opposite Fulton Lane, which is SP Setia’s first project in Melbourne.

“This is another golden opportunity for SP Setia to deliver yet another development par excellence in Melbourne, the world’s most liveable city, for the sixth year in a row,” said its president and chief executive officer Datuk Khor Chap Jen.

“The winning bid reaffirms SP 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,” he added.

SP Setia bought the 1,714 sq m site for A$61 million (RM198.48 million) in a highly competitive international expression of interest bidding exercise by CBRE, he said.

It plans to launch the project in the second half of the year with an estimated gross development value (GDV) of A$419 million.

Meanwhile, SP Setia said Sapphire by The Gardens, its latest project in Melbourne, was launched over the weekend and had seen a 70 per cent take-up rate.

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

The residential tower will have 345 luxury apartment units as well as office space.

The retail space will occupy the lower levels of the development, while a sky bridge will connect both towers.

The apartments will range from 50 sq m to 660 sq m with prices starting from A$550,000 each.

The project’s GDV stands at A$480 million.