KUALA LUMPUR, Nov 25 ― Malaysian companies are among the top foreign firms pumping in money to redevelop the outskirts of Australian cities, such as Melbourne, according to a report today in the Sydney Morning Herald (SMH).
The Australian daily cited two Malaysian developers, UEM Sunrise and SP Setia, as having spent more than A$60 million (RM184 million) collectively to secure properties in the area for redevelopment.
UEM reportedly spent A$58 million to take the Victoria Police complex off the hands of the IGR Property Group, with plans to build an “ultra-luxurious residential apartment block”.
Public-listed SP Setia, meanwhile, purchased a residential development site in south-eastern Carnegie for A$6.68 million to build a low-rise apartment complex.
This is on top of an ongoing project to build an upmarket 19-storey complex at 557 St Kilda Road, designed by famed architect Karl Fender, SMH reported.
Joining in the property rush in Melbourne's suburbs is China-backed Golden Asset, which the SMH said paid A$12.1 million for a “nondescript” office building at St Kilda Road, nearly 30 per cent above the expected selling price of A$9.5 million.
The Chinese developer also previously bought a development site at 8 Hopkins Street where it plans to build six multi-storey towers with a total of 939 apartments.
