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SP Setia enters Australian market

SP Setia, Malaysia’s largest property development company will make its debut in the Australian property market with the Fultan LN, a mixed development project with a gross development value of A$470 million (S$614 million).

Chief executive officer of Setia Melbourne Development Company Pty Ltd, Choong Kai Wai, said the property project, comprising 730 apartments as well as new commercial and retail units would be located at the Melbourne Central Business District (CBD) here.

‘Standing at 107 metres tall with 28 storeys, at the site linking Franklin and A’Beckett Street, it is the largest remaining undeveloped site in the central spine of the Melbourne CBD,’ Mr Choong said during a media familiarisation tour of the Melbourne CBD recently. Work on the project, covering a site measuring 4,340 square metres, is expected to begin next year with completion due middle of 2014.

The Fultan LN, apart from being a short walk to the Melbourne Central Shopping Centre and railway station, would be also close to the Royal Melbourne Institute of Technology, La Trobe University, and Queen Victoria Market.

A preview of the first phase of the property in Malaysia will be held by June 24, he said.

The first phase will comprise 300 units of apartments with a gross development value of A$200 million.

Already there are 600 potential takers for the property, said Mr Choong.

‘We expect more interest in the property with the coming preview and the scheduled launch in early September in both Malaysia and Melbourne,’ he said.

Date: 14 June 2011 | For the full report, please visit http://www.businesstimes.com.sg

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