An artist’s Impression of Melbourne Square’s (stage one) residential towers.
KUALA LUMPUR: The Employees Provident Fund (EPF) is set to expand its property investment portfolio in Australia by entering into an agreement to subscribe to a 49% interest in Yarra Park City Pty Ltd (YPC) for A$154mil (RM516.8mil).
OSK Holdings Bhd
said in a statement that that YPC, in which OSK’s subsidiary PJ Development Holdings owns the remaining interest, held the development rights for the upcoming five-acre mixed-use development project Melbourne Square.
The well-diversified group said the Melbourne Square development would transform a former carpark bounded by the Westgate Freeway and Kavanagh, Balston and Power Streets in Southbank into a dynamic mixed-use community and retail centre, with an expected gross development value (GDV) of A$2.8bil (RM9.4bil).
This is EPF’s second development venture overseas after Battersea in London.
Speaking at the signing ceremony on Wednesday, EPF chief executive officer Datuk Shahril Ridza Ridzuan said the Melbourne property development fit into EPF’s long-term objectives and would be a good addition to its overseas portfolio.
“The increasing demand for residential in Melbourne, Australia, will enable EPF to generate returns for its members,” he said.
Melbourne Square will mark OSK’s maiden foray into Melbourne. The land was acquired by PJ Development for RM439.3mil in an off-market deal in 2014.
OSK said Melbourne Square would be an important destination within the world’s most liveable city as it also represented one of the last pieces of sizeable prime land available for an iconic development in Melbourne city.
“This is an important project for Southbank’s future and it provides the delivery of critical community infrastructure that the city requires,” said OSK Holdings chief executive officer and group managing director Tan Sri Ong Leong Huat.
“We are delighted to partner EPF on this exciting project, and we hope to deliver a project which all Malaysians can be proud of.”
Melbourne Square will comprise four towers of residential apartments, an office tower, a hotel/serviced apartments tower and multiple street-level retail lots across the various components.
OSK said the project would be developed in five stages over eight to 10 years.
Stage One of the development, which recently received the planning endorsement by the Victorian Government’s Department of Environment, Water and Planning, will feature “the dynamic public realm alongside two shimmering elliptical residential towers.”
Slated for residential use, the towers will have a capacity of over 1,000 apartments, with a GDV of over A$900mil (RM3bil).
Stage One will provide a showcase of green spaces and essential amenities including a beautiful urban park, a child care centre, a supermarket, restaurants and cafés, and a comprehensive set of residential amenities.
YPC has appointed a list of top tier consultants for the project, including Cox Architects to design the master plan and Stage One of the project, Carr Design for interior design services, Sinclair Brook for project management and CBRE as the sales agent for Stage One, which has just been launched this month.
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