Advertisement

Malaysia's EFT weighs into the local market with a stake in Melbourne Square

One of Melbourne's largest developments in waiting has been given a boost with Malaysia's Employees' Provident Fund (EPF) officially taking a 49% stake in Melbourne Square.

The largest sovereign pension fund in Malaysia and the investors behind London's Battersea Power Station redevelopment have taken the stake as developer OSK Property ramps up sales for the project. EPF's stake in the Kavanagh Street, Southbank amounts to $154 million.

With EPF on board, OSK Property can progress with the first phase of their initial Australian project which will deliver apartments, retail spaces, specialty stores and a childcare centre. A central sloping green park will also form part of the first stage, with updated renders showing a refined scheme accounting for the sprawling open-air car park.

Latter stages will also feature a hotel, commercial office tower and further apartments that aim to activate and regenerate the backstreets of Southbank. 

The first stage of Melbourne Square will feature two residential towers. Image: supplied

Melbourne Square has been designed by Cox Architecture, with Carr Design providing their expertise for Stage 1 interiors and Taylor Cullity Lethlean chipping in for the extensive landscaped public space which accounts for almost 20% of the site. 

Stage one of the project comprises two glazed elliptical residential towers accommodating over 1000 apartments. The development team's confidence in Melbourne Square is evident with Multiplex being engaged to provide early contractor involvement.

WHAT THEY SAY

The Melbourne property development befits EPF's long-term objectives and will be a good addition to our overseas portfolio. This is EPF's second development venture overseas after Battersea in London.

The increasing demand for residential property in Melbourne, Australia will enable EPF to generate returns for its members.

- EPF CEO Datuk Shahril Ridza Ridzuan

We believe that Melbourne Square will be an important project for the world's most liveable city, providing the delivery of much-needed critical community infrastructure including a public park and network of green spaces. Partnering with EPF is a key milestone in progressing this project that will become a central point for Melburnians.

- OSK Holdings CEO / Group Managing Director Tan Sri Ong Leong Huat

 Melbourne Square is currently in a pre-sales phase with construction of Stage 1 set for this year.

Advertisement

Development & Planning

Thursday, July 27, 2017 - 00:00
M-City stage 2 has launched with 1, 2 and 3 bedroom apartments now available to buy. M-City stage 1 was popular and bought by local owner-occupiers and investors with demand driven by proximity to Monash University, the nearby IKEA homemaker centre, views to the CBD and Dandenongs, as well as the 24-hour lifestyle amenities that will be built as part of the master-planned development.

Policy, Culture & Opinion

Wednesday, July 26, 2017 - 12:00
The amount of construction in Melbourne's central city is reaching fever pitch with a number of large scale towers either topping out or rising out of the ground, forever changing the face of the city. But that's not what today's article is about.

Visual Melbourne

Wednesday, February 22, 2017 - 07:00
Once again Melbourne has turned it on for the spectacular cultural juggernaut that is White Night. A crowd of around 600,000 took part in the all night festival of projections, performances, artworks and installations. Stealing the show again this year was the extraordinary projections upon the Royal Exhibition Building.

Advertisement

Transport & Design

Wednesday, July 26, 2017 - 08:00
Student accommodation and design prowess don't necessarily go hand in hand, in fact many of Melbourne's dated student accommodation buildings are an affront to the senses. Generally very repetitive in every aspect of their design, very few cut through and resonate with a sense of design nous.

Sustainability & Environment

Thursday, July 20, 2017 - 12:00
The greening of Southbank is a step closer to reality following the endorsement of the draft concept plan for Southbank Boulevard and Dodds Street by the Future Melbourne Committee on Tuesday, 18 July, 2017.