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.