FRASER and Neave subsidiary Frasers Centrepoint has acquired a huge site in Sydney for A$82.5 million (S$99.3 million).
It bought the 13.7ha site from the Royal Rehabilitation Centre Sydney through Frasers Property Australia, it said in a statement yesterday.
The site is located 12km north-west of Sydney's central business district.
The approved concept plan for the site allows for a 2.3ha open area for community space and the development of almost 800 homes, including houses, town houses and apartments.
Frasers Centrepoint will also have to build roads, traffic calming devices and other infrastructure.
Community facilities to be built on the site - such as sport and recreation facilities and a child- care centre - will be jointly developed by Frasers Property Australia and Royal Rehab.
Purchasing the site - with its gross saleable area estimated at 1 million sq ft - will increase the company's land bank in Australasia from nearly 8million sq ft to 9 million sq ft, Frasers Centrepoint said.
The developer is currently planning and developing more than 5,800 homes in Australia and New Zealand.
Meanwhile, the hospitality arm of Frasers Centrepoint said it has opened its first serviced apartments in Kuala Lumpur.
Called Fraser Place Kuala Lumpur, it is the first of two to open in the Malaysian city. Located on Jalan Perak, it has 215 apartments.
The other property is on a site facing both Jalan Ampang and Jalan Sultan Ismail and will be completed in 2012.
Source: Straits Times, 26 Jun 2010