Salcon”s Unit to buy land in Melbourne

Share

Salcon''s Unit to buy land in Melbourne

KUALA LUMPUR — Salcon Bhd announced that Salcon Development (Australia) Pty Ltd (SDA) has proposed to acquire a piece of land located at 16-22 Claremont Street, South Yarra, Victoria, Australia for AUD37.88 million or RM113.935 million from K & E Rogers Pty Ltd.

In a filing to Bursa Malaysia, it said SDA had entered into a contract sale with the vendor yesterday to acquire the land measuring 2,125 square metres.

SDA is wholly-owned by Salcon Development Sdn Bhd, which in turn is a wholly-owned subsidary of Salcon.

Salcon said the acquisition would allow the group to establish a presence in the Australian property market where demand had remained strong in key cities such as Melbourne, of which the South Yarra suburb is about 4km away.

The group is proposing to develop the property into a residential development comprising 336 residential units with retail podium space with an estimated gross development value of AUD230 million.

The board opined that the proposed acquisition, to be completed by the last quarter of 2016, was in the best interest of the company.

 


Share
Sign up and stay updated
Get the latest property news, home solution tips, interior design ideas and property guides.
By subscribing, you consent to receive direct marketing from iProperty.com Malaysia Sdn Bhd (iProperty), its group of companies and partners. You also accept iProperty’s Terms of Use and Privacy Policy including its collection, use, disclosure, processing, storage and handling of your personal information.