Artist’s Impression of Melbourne Square’s Stage One Residential Towers
Kuala Lumpur, 5 April 2017 – Employees Provident Fund (EPF) is set to expand its property investment portfolio in Australia as it entered into an agreement to subscribe a 49% interest in Yarra Park City Pty Limited (YPC) for AUD$154 million.
YPC was incorporated in New South Wales, Australia and holds the development rights for the upcoming five-acre mixed-use development project Melbourne Square, located in Southbank, Melbourne.
The remaining 51% interest in YPC is held by PJ Development Holdings Berhad (PJD), a subsidiary of OSK Holdings Berhad (OSK), via its wholly-owned subsidiary in Australia, namely P.J. (A) Pty Limited (PJA) and Equity & Property Investment Corporation Pty Limited (EPIC), which is 27.4% owned by PJA.
Speaking at the signing ceremony today, EPF CEO Datuk Shahril Ridza Ridzuan said, “The Melbourne property development befits EPF's long-term objectives and will be a good addition to our overseas portfolio.
This is EPF's second development venture overseas after Battersea in London. The increasing demand for residential in Melbourne, Australia will enable EPF to generate returns for its members."
Melbourne Square will mark OSK’s maiden foray into Melbourne, whose growing population and vibrant property market have received much interest from international developers in the recent years including several established Malaysian developers.
Melbourne Square will be an important destination within the world’s most livable city as it also represents one of the last pieces of sizable prime land available for an iconic development in Melbourne city.
A Brand New Partnership - Datuk Shahril Ridza Ridzuan, CEO of EPF (second from right) exchanging documents with Tan Sri Ong Leong Huat, CEO/Group Managing Director of OSK Holdings Berhad (second from left). Looking on are (left) Mr Ong Ju Yan, Deputy Group Managing Director, OSK Holdings Berhad and (right) Puan Rohaya Mohammad Yusof, Head of Private Markets Department, EPF.
“This is an important project for Southbank’s future and it provides the delivery of critical community infrastructure that the city requires. We are delighted to partner EPF on this exciting project, and we hope to deliver a project which all Malaysians can be proud of,” said Tan Sri Ong Leong Huat, CEO/GMD of OSK Holdings Berhad.
The Melbourne Square development will transform a former carpark bounded by the Westgate Freeway and Kavanagh, Balston and Power Streets in Southbank into a dynamic mixed-use community and retail centre, with an expected GDV of approximately AUD2.8 billion.
The project aims to give Southbank a “green heart” with a public park and network of leafy spaces as well as critical community infrastructure such as a childcare facility and a supermarket along with other retail options.
Melbourne Square comprises of four towers of residential apartments, an office tower, a hotel/serviced apartments tower and multiple street-level retail lots across the various components.
The project will be developed in 5 stages over 8-10 years. Stage One of the development, which recently received the planning endorsement by the Victorian Government’s Department of Environment, Water and Planning, will feature the dynamic public realm alongside two shimmering elliptical residential towers. Slated for residential use, the towers have a capacity of over 1,000 apartments, with a GDV of over AUD900 million.
Stage One will provide a showcase of green spaces and essential amenities including a beautiful urban park, a child care centre, a supermarket, restaurants and cafés, and a comprehensive set of residential amenities.
The scale of the site has enabled YPC to deliver a differentiated set of features that should set Melbourne Square apart from the other residential projects that are on offer in Melbourne city.
YPC has appointed a list of top tier consultants for the project, including multiple award-winning Cox Architects to design the master plan and Stage One of the project, Carr Design for interior design services, Sinclair Brook for project management and CBRE as the sales agent for Stage One, which has just been launched in April 2017.
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