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Discussion Starter · #1 ·
Malaysian Developer Plans $300m Tower

"The Melbourne apartment market has attracted another foreign developer with Malaysia’s Asia One joining others such as Far East Consortium in the residential boom. The Australian reported that Asia One is planning a $300 million residential and hotel development at the Paris end of the Melbourne CBD.

Asia One purchased the 14-storey building for about $30 million in an off-market deal in March. The 849 square metre site, known as Citicorp House was owned by the Suleman family.

Asia One has reportedly filed plans on the 63 Exhibition Street site to build a 67-storey tower. The development will comprise 328 apartments, 225 hotel rooms, car park with 20 spaces, with a total gross floor area that will span more then 40,000 square metres.

Asia One was established by Malaysian developer Ben Hing Ng and his family together with fellow countryman Roger Lim Swee Kiat, also an experienced developer.

The development marks Asia One’s first Australian project."

 

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Discussion Starter · #2 ·
Also from The Australian's article on the tower:

"...Asia One follows in the footsteps of Malaysian developers SP Setia and Mammoth Empire, which both have apartment projects under way in Melbourne.

The Melbourne apartment scene, which some believe will soon be oversupplied, has also attracted developers from Singapore and China, including Far East Consortium."
 

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Discussion Starter · #3 ·
And some further information and background history from Sydney Morning Herald's 'BusinessDay' section:

It has been a particularly busy week for the office of the Planning Minister, with six skyscraper applications landing on his desk.
The latest submission seeks to rebuild 63 Exhibition Street in the CBD as a 67-level mixed-use tower containing 328 flats, 225 hotel rooms but just 20 car parks.

The 14-level, 6048-square-metre building on the site is known as the MOFS Centre – an acronym for a tenant which also leases naming rights, the Melbourne Oral and Facial Surgery.
Some may remember the building as ASF House or Citicorp House. In 2001, a permit was granted to replace the property between Collins and Flinders streets with a 33-level apartment complex.

Instead it was bought by private investor Sam Suleman in 2002 for $12.5 million. He sold it off-market for $28 million in March. The plot is 849 square metres.


Read more: http://www.smh.com.au/business/sing...e-his-mark-20140821-106p5i.html#ixzz3C2QPZz1E
 

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................the old WTC reference...I get that : ( I went there, I lived that place, I went atop it... and feel angst lots but the world moves on...the design was wonderful, gone...but design may appear around the world again...we must move on.
 

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Tarascios join Malaysian developer for first Melbourne CBD project

Family-run private developer Salta Properties will undertake its first project in the Melbourne central business district, after acquiring a 50 per cent stake in a prime development site near the "Paris end" of Collins Street.

Salta Properties, founded in 1972 by BRW rich-lister Salvatore "Sam" Tarascio and with more than $4 billion in projects under its belt, has partnered with Malaysian developer Asia One to develop a $300 million mixed-use tower of up to 70 levels at 63 Exhibition Street that could include a five-star hotel and about 200 luxury apartments.

"It's been our objective for some time to get into the Melbourne CBD market," Sam Tarascio jnr, Salta Properties' managing director, said. "Some would see us as swimming against the tide, given the premium overseas developers are paying for development sites, but we feel it's important to be involved in the evolution of the CBD – at the right end of town."

Asia One acquired ASF House, a 1960s office building on an 890-square-metre site, for $37.5 million last year from fresh flower mogul and developer Sam Suleman. Salta Properties took a 50 per cent stake before settlement in January 2015 after being approached by Asia One to lead the project.

"It's very hard to undertake an Australian project if you are based in Malaysia," Mr Tarascio said.

A new planning application would be submitted in the next six months, with construction two or three years away, he said.

The new permit to be sought from Victorian Planning Minister Dick Wynne will be for a mixed-use development featuring a five-star hotel with up to 250 rooms and about 200 apartments.

Alternatively, a pure residential tower of about 400 apartments would also be a good outcome, Mr Tarascio said.

A planning application submitted by Asia One in August 2014 seeking approval for a 67-level development comprising 328 apartments and 225 hotel suites had been withdrawn because it was unlikely to be approved, he said.


http://www.afr.com/real-estate/comm...r-first-melbourne-cbd-project-20150407-1mfo16
 

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"Because it was unlikely to be approved"...

Sigh...

And what will make the new development any more likely to get approved?
I knew you'd have something to say about the idea that developers are now voluntarily withdrawing their applications.

"Oh hi Dick...you know what, don't even worry about this one, I'll just be on my way" :lol:
 
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