Homepage
PR Newswire
27-08-2014, 11:16 PM
Malaysian player Asia One plans $300m tower for Melbourne CBD
THE AUSTRALIAN AUGUST 27, 2014 1:04PM
Sarah Danckert
Property Reporter
Melbourne
MELBOURNE’S crowded apartment development scene has a new entrant: Malaysia’s Asia One is planning a huge residential and hotel development with an end value of $300 million at the Paris end of the Melbourne CBD.
Asia One was established by Malaysian developer Beng Hing Ng and his family, together with fellow countryman Roger Lim Swee Kiat, also an experienced developer. The company has filed plans for its project at 63 Exhibition Street, near the corner of Bourke Street in the heart of the Hoddle grid.
The plans show Asia One hopes to build a 67-level tower on the site, now home to a low-rise office building. The development will comprise 328 apartments, 225 hotel rooms and a car park with 20 spaces. The total gross floor area will span more than 40,000sq m. Asia One purchased the 14-level building for about $30m in an off-market deal in March.
The property — on a 849sq m site and previously known as Citicorp House — was owned by the Suleman family.
The development marks Asia One’s first project in Australia.
The Australian was unable to contact Asia One.
Asia One follows in the footsteps of Malaysian developers SP Setia and Mammoth Empire, which both have apartment projects under way in Melbourne.
The Melbourne apartment scene, which some believe will soon be oversupplied, has also attracted developers from Singapore and China, including Far East Consortium.
THE AUSTRALIAN AUGUST 27, 2014 1:04PM
Sarah Danckert
Property Reporter
Melbourne
MELBOURNE’S crowded apartment development scene has a new entrant: Malaysia’s Asia One is planning a huge residential and hotel development with an end value of $300 million at the Paris end of the Melbourne CBD.
Asia One was established by Malaysian developer Beng Hing Ng and his family, together with fellow countryman Roger Lim Swee Kiat, also an experienced developer. The company has filed plans for its project at 63 Exhibition Street, near the corner of Bourke Street in the heart of the Hoddle grid.
The plans show Asia One hopes to build a 67-level tower on the site, now home to a low-rise office building. The development will comprise 328 apartments, 225 hotel rooms and a car park with 20 spaces. The total gross floor area will span more than 40,000sq m. Asia One purchased the 14-level building for about $30m in an off-market deal in March.
The property — on a 849sq m site and previously known as Citicorp House — was owned by the Suleman family.
The development marks Asia One’s first project in Australia.
The Australian was unable to contact Asia One.
Asia One follows in the footsteps of Malaysian developers SP Setia and Mammoth Empire, which both have apartment projects under way in Melbourne.
The Melbourne apartment scene, which some believe will soon be oversupplied, has also attracted developers from Singapore and China, including Far East Consortium.