SP Setia buying Melbourne site for RM92mil

Australia property is creating lots of news (see my previous posts)… Even our local neighbourhood developer SP Setia Bhd is acquiring land in Melbourne Australia. SP Setia is a well established Property Developer in Malaysia and has Home Developments in Vietnam. Now they are gunning Australia. See excerpt below:

PETALING JAYA: SP Setia Bhd is buying a 0.42ha site in Melbourne’s Central Business District for A$30mil (RM92.4mil) to undertake a high-density inner-city integrated residential and commercial project.

In a statement to Bursa Malaysia yesterday, SP Setia said its unit Setia International Ltd would acquire the land from S.L. Nominees Pty Ltd and Jonquil Pty Ltd.

We will update this when more information is available. Meanwhile, anyone else to join the bandwagon??

Updated on 13 April 2010:

The leading property property developer in Malaysia, S P Setia announced the purchase of a 46,715 sq ft piece of land in the heart of the Central Business District (CBD) in Melbourne for RM92.4 million (AUD30 million) today.

The land enjoys dual street frontages with A' Beckett Street on its southern and Franklin Street on its northern boundaries, and is located between Elizabeth and Queen Streets. The largest remaining undeveloped site in the central spine of Melbourne's CBD, the land is a short walking distance to Melbourne Central Shopping Centre and Railway Station, and is close to the Queen Victoria Market. It is also close to RMIT University, University of Melbourne and La Trobe University and the beautiful Flagstaff Gardens.

See Full Press Release here

http://www.spsetia.com.my/corporate/news/attachments/melb.pdf