A wholly-owned subsidiary of Chuan Hup Holdings has acquired prime development land in Maylands, Western Australia for A$16.7 million (S$19.3 million).
Located 4.5 km from Perth’s central business district, the 17,256 sq m site was purchased by Ventrade Maylands from private investor Christopher Damian Dodd, with the purchase price arrived at on a willing buyer willing seller basis.
The deal will not have any significant impact on Chuan Hup’s issued and paid-up share capital.
Meanwhile, Ventrade Maylands plans to enter into a venture with Australian developer Finbar, for the site’s redevelopment.
This will see Ventrade Maylands contributing the land, while Finbar will contribute 50 percent of the land’s purchase price as working capital and redevelop it into 336 apartments and 2,100 sq m of commercial space.
Development profit will be shared equally by Finbar and Ventrade Maylands, with the former earning a project management fee.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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