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Australia property monitors | Property traders australia | Australia house: MRCB to develop two real estate projects near Melbourne
Posted on July 31, 2011, Sunday

MELBOURNE: Malaysian construction company, Malaysian Resources Corporation Bhd (MRCB), has chosen the suburb of Burwood here as the site for its first Australian developments, Burwood Rise and Burwood View.

UPCOMING PROJECTS: An artist’s impression of Burwood Rise.

MRCB is one of Malaysia’s largest developers, responsible for many award-winning projects including the iconic Kuala Lumpur Sentral, a multi-billion dollar city-within-a-city.

Managing agent for the MRCB developments here, Paul Pfeiffer, from Hocking Stuart Real Estate, said the company recognised Burwood’s potential as a residential hot-spot.

“It has the right mix of residential amenity, infrastructure investment and transport connections that really cements it as an attractive location now and into the future.

“Burwood is rising up the property ladder. Figures predict continued growth, it is a blue-ribbon eastern suburb close to schools and Deakin University, which is attractive to renters and buyers as well as overseas investors,” he was quoted as saying in the Leader newspaper.

Burwood View, a stylish apartment building, and Burwood Rise, a custom-designed student accommodation, are about 20 minutes from Melbourne’s central business district.

Pfeiffer said the apartments, designed by prestigious Melbourne architecture firm Hayball, would deliver quality, style, amenities and breath-taking views across Melbourne.

“The area has great appeal for owner-occupiers and investors. An apartment shortage is ensuring there is strong rental demand as well as substantial rental revenue while the area is also achieving significant capital growth,” he added.

Burwood had been targeted for investment by local and state governments and was benefiting from the development of local facilities and infrastructure including Burwood Heights Plaza, improved roads and transport.

The display suite opened this month, on the corner of Middleborough Rd and Burwood Highway. — Bernama

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SP Setia plans to increase Australia landbank(source from StarBiz dated: 14-June-2011)

by JEEVA ARUIAMPALAM

jeeva@thestar.com.my

MELBOURNE: Malaysian property developer SP Setia Bhd plans to increase its landbank in Australia, predominantly in popular cities such as Melbourne, Sydney and even Gold Coast, as it seeks to capture the growing opportunities from the population boom of these cities.

Having made its first Australian investment last year, the developer is in the midst of scouting for more investment opportunities in Melbourne.

"For the first few years, we are looking for investment opportunities and to take on projects that will provide quick turnaround and are easy sell. Subsequently, we will look at greenfield projects and (at building) townshlps," Setia (Melbourne}Devetopment Co Pty Ltd chief executive officer Choong Kai Wai told Malaysian reporters here last Friday.

SP Setia is known for its township developments in Malaysia, which include Setia Alam in Shah Alam, Setia Indah in Johor and Setia Vista in Penang.

The developer, through its unit Setia (Melbourne) Development, will undertake a mixed-use development on the 4,340 sq metre site purchased last year for A$30mil in the central business district of Melbourne.

The property, dubbed Fulton LN, will compose two towers of housing apartments as well as offering commercial and retail outlets closer to the ground level. It has dual street frontage with the first tower facing Franklin Street and a two minute walk to the Queen Victoria Market while the second tower faces A'Beckett Street and is a five minute walk from RMIT University.

The first tower, which will be open for an exclusive preview on June24, stands at 107 metres and will have 28 storeys offering some 300 apartments. Meanwhile. the taller tower at 44 storeys will be some 150 metres in length offering 400 apartments and should be open for sales in the next six to 12 months,

Most of the apartments will be one or two bedroom units although there will be units offering three bedrooms as well. Apartments start from A$370,000 for one bedroom it 45 sq metre, A$515.000 for a two bedroom starting at 60 sq metres and A$1.05mil for three bedroom dwellings starting at 114 sq metres.

Construction of this project, which has a gross development value of A$470mil, will commence next year and the development is expected to be ready by 2014.

The architectural design of the mixed development is by Karl Fender of Fender Katsalidis Architects, which happens to be the firm behind the proposed 100-storey tower Warisan Merdeka in Kuala Lumpur.

"The size of Fulton LN's ground plan gives as the opportunity to ignite activity movement around the lane-way with retail, restaurants and cafes," Fender said. Fulton LN is within walking distance of several universities and colleges such as Melbourne University and RMIT University. It is also close to Melbourne's central shopping centre.

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