Mainboard-listed conglomerate Fraser and Neave says one of its units has bought a piece of land in Sydney for S$97.8 million.
The wholly-owned subsidiary, Frasers Centrepoint, acquired a 13.7 hectare site from the Royal Rehabilitation Centre Sydney.
Besides building a 2.3-hectare open space for community use, the approved Concept Plan for the site allows for the development of homes.
Almost 800 residences, including houses, town houses, and apartments can be built.
Roads, traffic calming devices and other infrastructure will also be constructed as part of the project.
Work on the public parklands will start by the end of this year.
The acquisition will increase Frasers Centrepoint’s land bank in Australasia from about 8 million square feet to 9 million square feet.
Frasers Centrepoint says it is confident of the property market in Sydney.
It adds that the strategic acquisition will not only boost its pipeline of developments in Australia, but will strengthen its ‘Frasers’ brand.
The group is currently planning and developing over 5,800 homes in Australia and New Zealand.
Source : Channel NewsAsia – 25 Jun 2010