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.
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.
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.