Fajarbaru associate plans to buy Melbourne land

PETALING JAYA: Fajarbaru Builder Group Bhd’s (FBG) associate company in Australia has proposed to acquire a parcel of 676 sq m (0.17 acre) freehold land in the central business district (CBD) of Melbourne for a total cash consideration of A$25.6mil (RM84.13mil) to expand its property development division.

In a filing with Bursa Malaysia, the civil works and construction group said its indirectly-owned associate 320 Queen Street Project Pty Ltd (320-Q) had entered into a contract to acquire the land, which came with a permit for “the construction of a 48 level residential tower including two basement carpark levels, two recreational levels and service levels” from Oct 29, 2017, to Oct 29, 2020, from an unrelated party, The Celtic Club Inc.