Hiap Hoe acquires three Melbourne properties in two months

16 September 2013

News

Thomsons has acted for Singapore property developer, Hiap Hoe Limited, on three recent acquisitions in Melbourne in the past two months, totalling more than $177 million.

The first acquisition was a 3,795sqm waterfront site at 6-22 Pearl River Road for $28.8 million. The planned development at this site in the highly sought after NewQuay precinct, will be an iconic landmark in Docklands.  The second acquisition, a 3,165sqm site at 380 Lonsdale Street, was acquired for $43.8 million, and includes a 445 bay commercial car park, 5,130sqm of office space and ground level retail tenancies.  This deal also comes with planning approval for a $480 million tower, comprising 627 apartments and ground level retail, as well as the rights to develop a new 445 bay commercial car park in addition to residential parking.  The third acquisition was a 3,144sqm city block in 206 Bourke Street, purchased for $105 million.  This site, ideally situated a block from the CBD mall, comprises 9,582sqm of retail space and 2,340sqm of office space, and provides an arcade-style link between Bourke Street and the Chinatown section of Little Bourke Street.

These three acquisitions are Hiap Hoe’s first foray into the Australian property market and their first mixed-use residential/hospitality projects outside of Singapore.