Feuding Singaporean developers combine in surprise Melbourne site offering
Feuding Singaporean investors have joined forces to sell their neighbouring Melbourne development sites, just days after one of them pulled the plug on its proposed 71-storey Tower Melbourne skyscraper.
Chip Eng Seng owns 150 Queen Street where legal action by his neighbour brought demolition of the existing building to a halt in 2013.
CEL has ended its long-running dispute with neighbour, Colonial Range, a company controlled by the wealthy Singapore-based Chow family.
Now the two developers have joined forces to quietly offer their combined Queen Street sites for sale.
Their are reported $150 million to $200 million hopes for their combined blocks at 140 and 150 Queen Street and 27 McKillop Street that cover more than 2500 square metres
The Age reported there had been six legal cases played out in two Supreme Court appearances, a Victorian Civil and Administrative Tribunal case, several Building Appeal Board sittings and a formal complaint to Victoria's ombudsman.
Backroom negotiations in Singapore between Chip Eng Seng and the Chows cleared the way for the site offering.
The landholdings are being marketed off market through Colliers International.
CEL Australia is rescinding the contracts on the Tower Melbourne (pictured above) with some 556 plus buyers.
CEL Australia had previously advised its first priority "has always been to deliver Tower Melbourne in line with its vision for the project, and as such, has done everything within its legal power to try to reach a resolution."
Regrettably, it has become increasingly apparent that there is still no resolution in sight, and with further proceedings still pending, Tower Melbourne in its current form is no longer viable for CEL Australia to develop, it advised last week.
CEL Australia retains projects, Williamsons Estate Townhouses and Willow Apartments in Doncaster, which are well under construction with settlements to occur in late 2017/early 2018.