Multiplex to build $2.8b Melbourne development
OSK Property Holdings Bhd and the Employee Provident Fund Malaysia (EPF) have appointed Multiplex, a Brookfield company, to develop the first phase of the $2.8 billion Melbourne Square development in Melbourne, Australia, which will be one of the largest mixed-use precincts in central Melbourne.
Melbourne Square will consist of six towers ranging from 38 to 73 levels in height, with four of the towers acting as residential units and containing approximately 2,610 apartments. Also, a 621-key hotel and an approximately 520,000-square-foot commercial tower is included.
The first phase is a $490 million investment. It will comprise of 54- and 69-floor high-rise residential towers, totaling 1,043 units.
Construction of Melbourne Square’s first stage is expected to be completed in August of 2020. Melbourne Square will be delivered in five stages over a period of eight to 10 years.
The development is OSK Property Holdings Bhd’s first development outside Malaysia.
“We’d decided to invest in Melbourne because of its strong fundamentals — a strong and stable economy, well-planned urban infrastructure, a great education system, quality healthcare, and rich cultural heritage and diversity,” said Tan Sri Ong Leong Huat, OSK group executive chairman, in a press conference, according to The Star.
It is EPF’s third overseas development project outside Malaysia after the Battersea Power Project in London and Tanjung Pagar Centre in Singapore.
“The increasing demand for residential property in Melbourne will enable EPF to generate returns for our close to 15 million members,” said Datuk Shahril Ridza Ridzuan, EPF CEO, in a press conference, according to The Star.
