The final batch of apartments are targeted to be handed over in Jan 2021, marking the completion of the first stage construction of Melbourne Square.
MELBOURNE: The new two-level urban retail centre in the newly completed stage one of Melbourne Square (MSQ) was transacted at a value of A$70mil (RM214mil), signalling keen interest in the largest mixed-use integrated development in Melbourne, Australia.
This asset forms part of the A$950mil (RM2.9bil) first phase of the MSQ project, which has a total GDV of A$2.8bil (RM8.56) across five phases. The 66,736 sq ft retail centre, anchored by a full-line Woolworths supermarket, six speciality stores and an 87-place childcare centre, was sold by Yarra Park City Pty Ltd to ASX-listed fund manager Primewest for their Daily Needs Trust, which invests on behalf of Singapore’s Government Investment Corporation.
“We are pleased to witness one of the largest retail centre transactions of the year, despite the economic impacts of Covid-19. The transaction reflects the market’s confidence in Melbourne Square’s position as a unique integrated development where the community can live, work and play.
"We are very encouraged by this affirmation of our vision to make Melbourne Square a new heart for Southbank in Melbourne,” said OSK group executive chairman Tan Sri Ong Leong Huat, adding that OSK is looking forward to the strengthening sentiment in the broader property market in Australia.
This is in line with the gradual reopening of international borders and travel activities, as well as the imminent rollout of Australia’s Covid-19 vaccine plan.
The MSQ masterplan involves the development of four residential towers, an office tower and a hotel over five stages. Stage one comprises two residential towers with 1,054 apartments, the retail centre and a 40,365 sq ft public park.
The final batch of apartments is targeted to be handed over in Jan 2021, which will mark the completion of the first stage construction.
The brand-new Woolworths, the biggest supermarket in the Melbourne Southbank precinct, was officially opened on Dec 10, 2020.
Following the launch, the city’s first two-level supermarket is now open to the public, offering a full-fledged supermarket experience with eclectic food and beverage retail mix.
Worth noting, the Woolworths in MSQ is the second in Victoria to offer the retail giant’s Scan&Go technology, allowing customers to scan purchase items with their smartphone and pay for them via the Scan&Go app, bypassing the need to queue at regular checkout counters.
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