PETALING JAYA: Eco World International Bhd (EWI) is acquiring an 80% stake in Salcon Australia for its parcel of prime land of 2,128 sq m in South Yarra, Australia.
To be named Yarra One, the project will comprise a 27-storey tower with 268 residential units complemented by a retail and office podium with the potential to deliver about AU$218mil (RM728.3mil) in gross development value (GDV).
Eco World Sydney Development Pte Ltd, a wholly owned subsidiary of EWI, will also be appointed as the development manager for the project, which will, in turn, generate a new fee-based income stream for the EWI group.
“Yarra One will have all the distinctive hallmarks of an EWI development – great location, superb connectivity and access to wide-ranging amenities nearby – to complement the unique selling points we will be incorporating into the project to appeal to our target customer base of local and international purchasers.
“It is indeed a fitting addition to our current portfolio of projects, which include London City Island, Embassy Gardens and Wardian London in the United Kingdom and West Village in Parramatta, Sydney,” said EWI president and chief executive officer Datuk Teow Leong Seng in a statement yesterday.
In addition, the proposed acquisition will enable EWI to increase its development pipeline, as well as break into a new target market by extending its geographic footprint and broadening its product range to cater to a wider customer base.
This is consistent with the group’s strategy to seek good opportunities in mature international markets for growth, in line with its ambitions to become a prominent global property player.
South Yarra is one of the most popular upmarket residential suburbs of Victoria, and is strategically positioned within close proximity to Chapel Street and Toorak Road.
It also enjoys excellent connectivity to public transportation serviced by regular tram operations along Chapel Street and Toorak Road and bus routes via Punt Road nearby.
The South Yarra Station is also located within ready walking distance about 300m southwest of the project land.
Teow added that Melbourne is a familiar market and a preferred investment destination for many of EWI’s Malaysian and regional customers.
“It was crowned the world’s most liveable city for the sixth year running, according to The Economist’s Global Liveability Survey.
“This is a well-deserved reputation which the city takes great pride in and works hard to preserve, as attested by the excellent quality of life, plethora of amazing cuisine, world-class educational institutions, good employment opportunities and wide-ranging recreational amenities it offers its residents,” he said.
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