Asian Investors Unveil Mixed-Use Development Projects in Brisbane
- Aug 21, 2014
Australia – Asian Investors Heeton Holdings Limited, Lian Beng Group Ltd. and KSH Holdings Ltd. have announced plans for the construction of an approximately $139 million (AUD $150 million) mixed-use development in Fortitude Valley, Brisbane. The project marks the first Australian venture for each of the three consortium partners.
Plans call for two residential towers with a total of 324 apartment units and a hotel high-rise with 198 guest rooms.
The new mixed-use development consists of two separate joint venture structures. The residential component will be led by Australian counterpart, Marvel Investments Pte. Ltd., which will hold an effective interest of 67 percent, while the rest will be held by the Heeton, Lian Beng and KSH consortium, with effective interests of 18.15 percent, 9.90 percent and 4.95 percent respectively.
Slated to rise at 186 Wickham Street, the residences will be built in two phases. Phase 1 will bring a 30-story tower consisting of 187 apartment units, while Phase 2 will see the construction of a 23-story tower with 137 apartment units.
The new homes will target the local market, as well as Asian investors from key countries such as Singapore, Malaysia, Indonesia and Hong Kong, in partnership with the region’s leading real estate agencies.
Meanwhile, the 198-key, 23-story hotel development will be led by Heeton in a 70:30 joint venture with Lian. The project will be located at 29 Ranwell Lane and should be complete by 2016/2017.
The new hotel is expected to be quite successful against the city’s encouraging economic backdrop, especially since Brisbane’s City Council intends to further rejuvenate Fortitude Valley and turn it into a major entertainment, cultural, heritage, retail and business center.
Furthermore, in order to meet the state government growth target of doubling Brisbane’s overnight visitor expenditure by 2020, the city will need 450 extra rooms per year, which gives strong impetus for more hotel investment.
“Together with our partners, we are very excited to be part of the rejuvenation program set in motion by the Brisbane City Council. Prospects are very good at this site as Fortitude Valley continues to attract strong interests from both residential buyers and tourists,” Danny Low, Heeton’s COO, said in a news release.
“We chose Brisbane to make our maiden foray into the Australian market as we believe the market is highly attractive due to its socio-political stability and a high level of transparency. Australia’s properties will continue to attract strong interest from Asian investors and thus, we are confident of making this project a success,” he added.
Photo credits: Wikimedia Commons