This article is from the Australian Property Journal archive
CHARTER Hall has formed a joint venture with the Malaysian listed property group, TA Global, for the development of the Little Bay residential project.
The $600 million project was acquired by Charter Hall’s Opportunity Fund No. 5 in early 2008. The 13.6 hectare site is 14km from the Sydney CBD in the eastern suburbs peninsula.
It is anticipated to yield over 500 dwellings.
A wholly owned Australian subsidiary of TA Global will assume an active joint development management role for the project. The transaction is subject to a number of conditions including Foreign Investment Review Board approval.
TA Global was introduced to by Jones Lang LaSalle’s regional corporate finance group.
TA Global’s executive chairman Datuk Tony Tiah said the group has been looking to expand its property development presence in the Australian market for sometime and the project presented a highly attractive opportunity.
“We are excited to be working with Charter Hall on such a desirable lifestyle project in one of Sydney’s sought after residential areas,” he added.
Charter Hall’s joint managing director David Southon said this important alliance highlights the growing interest from international investors in Australia.
Stage 1 of the project is scheduled to commence in late 2010 and involves remediation, bulk earthworks, services infrastructure and landscaping. The Little Bay project, expected to be completed in four to five years.
Australian Property Journal
