Fajarbaru-Beulah (Melbourbe) Pty Ltd managing director Chan Jiaheng (right) and Maybank corporate banking managing director Caroline Teoh signed agreement for a bridging loan facility to develop an exclusive Gardenhill condominum project in Melbourne. RAYMOND OOI/ The Star.
KUALA LUMPUR: Fajarbaru Builder Group Bhd
’s (FBG) associate company in Australia, 320 Queen Street Project Pty Ltd (320-Q), has proposed to acquire a parcel of 676 sq m freehold land in the central business district (CBD) of Melbourne for A$25.6mil (RM84.13mil) in cash.
In a filing with Bursa Malaysia, the civil works and construction group said the land, whose vendor is The Celtic Club Inc, came with a planning permit for the construction of a 48-level residential tower from Oct 29, 2017, to Oct 29, 2020.
This includes two basement carpark levels, two recreational levels and service levels.
Property development company 320-Q is 50% owned by BFB Project Pty Ltd, which in turn is a 44.44%-owned associate company of Fajarbaru.
“The acquisition is in line with Fajarbaru’s objective to acquire and add potential land bank into its property development division. The property development to be undertaken on the said land is expected to provide Fajarbaru with a new source of income,” the company said.
FBG will contribute about 22.22% of the purchase consideration, or A$5.69mil, and fund the acquisition through internally generated funds.
The proposed acquisition is expected to be completed by June 20, 2017.
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