Singapore-listed Thakral Corporation has inked an agreement with a private Australian developer to be the capital partner for a new mixed-use development in Brisbane, Australia.
The move will see Thakral invest up to A$46.2 million for the iconic project, which will be launched for sale in the middle of next month.
Located in Fortitude Valley and called “FV”, the development will feature 950 residential apartments and 5,500 sqm of retail plus car parking spaces.
The site is located within an urban renewal precinct that houses a mix of commercial, retail and entertainment facilities, including Chinatown Mall and Brunswick Street Mall. A train station and the central business district are also nearby.
Jaginder Singh Pasricha, Thakral’s Managing Director, Investments & Corporate said: “The project is in line with our strategy to generate strong returns for our shareholders whilst building lasting relationships with development partners. The group continues to select well located projects which are expected to be well received by buyers of the product, delivering good quality designs at good value.”
The group will look to secure capital partners to participate with it in the funding for the project. Meanwhile, construction work will take place over several stages and is expected to start between Q1 and Q2 2015.
Photo (by Thakral Corp): Artist’s impression of FV Stage 1.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
Related Stories:
Mapletree to further expand beyond Asia
CDL Q1 profit down 13%
CBRE appoints Global Chief Economist
 |