Mainboard-listed Thakral Corporation has unveiled plans to tackle the Australian property market, as well as set up a joint venture company for property investments.
The consumer electronics distributor, strategic property and equity investments company said it has set aside between $15 million and $16 million for several property projects, and is now seeking partnership with other co-investors.
Thakral is also actively working on five to six investment proposals, which would require over S$65 million in (A$50 million) capital, said Jaginder Singh Pasricha, managing director of real estate and corporate at Thakral.
The company is focusing more on the residential market in Sydney and Melbourne, eyeing projects that would have an internal rate return of between 15 percent and 25 percent.
So far, it has invested A$2.75 million into the Harbour One project in Melbourne, and is in talks with its developer, MAB Corporation, for other collaborations, with future projects including Australia Towers and Lane Cove.
“We will do repeat business with them on an ongoing basis,” said Mr. Pasricha.