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MELBOURNE (Australia): S P Setia Bhd's wholly-owned subsidiary, Setia International Ltd, is expected to build student apartments near the University of Melbourne and RMIT University, Australian Financial Review reported.
It said Setia International bought the 4,340 square metre site at Franklin and A'Beckett streets here for A$30 million (about RM92.4 million) or about A$6,900 per square metres from prominent businessman Solomon Lew.
Lew and his partners bought the property for A$810,000 in 1982, it said. The Setia deal follows Singapore developer Chip Eng Seng Corp's acquisition of a property in Mackenzie street for A$20.2 million.
The newspaper said Setia's strategy mirrors that of five other Southeast Asian apartment developers who are already active in the Melbourne market. Malaysian developer Goodyear Properties, Chinese development group Dahu, the Hongkong-based Far East Consortium, Singapore's Chip Eng Seng and the developers of Barton Towers are also active participants in housing development here.
Between them, they are expected to build 3,600 apartments which will be one-and two-bedroom units suitable for student occupation.-- Bernama
It said Setia International bought the 4,340 square metre site at Franklin and A'Beckett streets here for A$30 million (about RM92.4 million) or about A$6,900 per square metres from prominent businessman Solomon Lew.
Lew and his partners bought the property for A$810,000 in 1982, it said. The Setia deal follows Singapore developer Chip Eng Seng Corp's acquisition of a property in Mackenzie street for A$20.2 million.
The newspaper said Setia's strategy mirrors that of five other Southeast Asian apartment developers who are already active in the Melbourne market. Malaysian developer Goodyear Properties, Chinese development group Dahu, the Hongkong-based Far East Consortium, Singapore's Chip Eng Seng and the developers of Barton Towers are also active participants in housing development here.
Between them, they are expected to build 3,600 apartments which will be one-and two-bedroom units suitable for student occupation.-- Bernama
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