SP Setia wins bid for Melbourne CBD land

Potential customers at the gallery showcasing the Sapphire by the Gardens project.

PETALING JAYA: Property developer SP Setia Bhd has added a major site in the Melbourne central business district (CBD) to its possession, following the group’s successful bid for the 111 A’Beckett Street site.

SP Setia said in a statement that the 1,714-sq-m site was acquired for a total of A$61mil via a competitive bidding exercise. The land is opposite SP Setia’s first development project in Melbourne, the Fulton Lane.