It said on Friday, Sept 23 that its wholly owned subsidiary S P Setia International Ltd had entered into a contract of sale with Portbridge Pty Ltd to acquire the freehold land measuring 2.23 acres in the South Yarra suburb in Melbourne.
The company said the land was a prime corner development site on Australia’s premier boulevard – St Kilda Road.
The land was also linked to the Melbourne public transportation network, with the Moubray Street tram station located just opposite the site, it said.
S P Setia said South Yarra had seen a high influx of young professionals attracted by the suburb's close proximity to the Melbourne central business district.
On the rationale for the buy, the company said the acquisition followed its maiden Fulton Lane project, which it said had received tremendous support and interest particularly amongst its existing Malaysian customers.
“The strong interest registered for the first tower of the Fulton Lane project is a firm testament to the strength of the S P Setia brand-name.
“It also justifies management's belief that there are significant opportunities to monetise our vast customer data-base across national boundaries, particularly in cities where Malaysians have close economic, educational, familial and business ties with,” it said.
S P Setia said Fulton Lane’s success with its Malaysian customers also validated its firm conviction on the attractiveness of Melbourne as a choice investment destination for savvy property investors.
The company said it was still too preliminary to reveal details regarding the estimated total development cost or expected profits to be derived, but the land was expected to capitalise on the shortage of residential units in the area.
It said the land would be developed into an apartment project, with an estimated gross development value of AUD250 million, that should contribute positively to its future earnings.
By The EDGE Malaysia
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