Frasers Centrepoint, a wholly-owned subsidiary of Fraser and Neave, has purchased a 13.7-hectare land site in Sydney from the Royal Rehabilitation Centre Sydney for S$97.8 million.
Aside from constructing a 2.3-hectare open space intended for community use, the land site will be developed into residential homes.
Nearly 800 residences, including town houses and apartment units can be built on the site. Traffic calming devices, roads and other infrastructure will also be constructed within the development. Works on the public parklands will commence by end-2010.
The acquisition is expected to boost the land bank of Frasers Centrepoint in Australasia from around eight million sq. ft to nine million sq. ft.
It said that the company’s acquisition will not only boost its property development in Australia but also strengthen Frasers Centrepoint’s brand.
Currently, the group is planning and developing more than 5,800 home units in New Zealand and Australia.