Singapore-listed property developer Hatten Land has made its foray into the Australian market, purchasing a parcel of land in Melbourne’s Southbank for A$15.8 million ($11.2 million), reported The Urban Developer.
The purchase option, taken out with Sunvale Development, marks the Malaysian-based group’s first expansion into the Australian property market.
Sunvale, which purchased the 65-71 Haig Street site in 2014, secured approval for the development of a multi-story building comprising dwellings, retail premises and offices with an estimated gross floor area of 25,000 square meters (269,000 square feet). The proposed mixed-use project will have a 170-meter (558-foot) high residential tower, spanning up 55 stories and totaling 361 units.
