City Developments back in Australia housing market after a decade

City Developments Ltd said it was investing in a A$275 million (S$281.7 million) residential development in Brisbane, its first housing project in Australia in over a decade.

The Singaporean company said it was teaming up with Australian developers Abacus Property Group and KPG Capital for the project, which will be developed into two 30-storey towers with 472 apartments.

“Brisbane’s residential market remains highly attractive due to its affordability when compared to other major cities in Australia,” executive chairman Kwek Leng Beng said in a statement.

CDL subsidiary Millennium & Copthorne Hotels launched a luxury residential project in Sydney’s Potts Point neighbourhood in 2003.

Known for its luxury residential properties, CDL has boosted its overseas exposure over the past two years after the Singapore government introduced measures to cool its home market.

Source : Today – 10 Dec 2015

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