Singapore-listed property developer Wee Hur Holdings has made its first foray into property development in Australia by acquiring a plot of land in Brisbane for around A$51.3 million (S$55.2 million).
The plot of land is specifically located at Buranda in Woolloongabba, and it is intended for a high-rise iconic mixed-use development comprising residential, retail and office units. The project will be carried out several phases and construction is expected to start in Q3 2015.
The group will need to acquire an additional 2,194 sq m of land for A$5.2 million (S$5.6 million) at a later date to complete the land acquisition. This brings the total acquisition cost to A$56.5 million (S$60.8 million) and the total land area to 19,100 sq m.
In a statement on 24 December, Wee Hur said it intends to fund this acquisition by internal resources.
Goh Yeow Lian, Executive Chairman of Wee Hur, said, “The strong financial position which we have built over the recent years has enabled us to explore suitable overseas and local projects so that we can expand our business and diversify our source of revenue.”
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
