KUALA LUMPUR, Sept 24 — Malaysian-owned Beulah International has bought the landmark Melbourne premises housing Australia’s first Irish club, the Celtic Club for A$25.6 million (RM80.53 million).
The deal finally went through after months of bidding after more than three-quarters of the club’s members voted Wednesday in favour of the sale, The Australian Financial Review reported.
According to the daily, the Celtic Club is Australia’s oldest surviving Irish club and has occupied the Victorian-era building on the 676sqm at the corner of Queen and La Trobe Street in central Melbourne since 1959. Its lease expires next April.
Beulah International is co-founded by second-generation Malaysian property developer Adelene Teh, 29, the daughter of industry veteran Datuk Teh Kean Ming who was the chief executive of IJM Corp Berhad for 35 years until his retirement last year.
Co-Founder and Executive Director of Beulah International Adelene Teh. — Picture from beulahinternational.com
The senior Teh is now the managing director of property development and oil palm plantation firm Keladi Maju Berhad, according to a July 2015 report by local daily The Star.
Beulah is reportedly financed by West Australian-based private investors with ties to Singapore and has several projects spread out across Melbourne, including an 11-storey upscale condominium project called Gardenhill, featuring 136 units priced from A$360,000 to A$745,000.
In recent years, Malaysians have been gobbling up Australian property, especially in Melbourne, for investment purposes.
"Australia is of much interest to Malaysian investors due to its strong underlying economic fundamentals, including a record-low interest-rate environment. With interest rates having dropped to their lowest ever, and a stable political scene with the Federal election result, combined with an ever-growing population, Australia is well-positioned for offshore investors,” global property consultancy Knight Frank’s head of commercial sales, Paul Henley, said in an August 11 statement.
Last month, another Malaysian developer SP Setia bought a high-profile Melbourne site from Australian telecommunications giant Telstra for a record A$101 million, where it plans to build two massive 69-storey twin towers estimated to cost A$640 million.
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