This article is from the Australian Property Journal archive
THE slowdown in Malaysia’s property market has prompted Bursa-listed developer Salcon Bhd to diversify into Australia, with the acquisition of a residential development at South Yarra for $37.88 million.
Salcon has bought 2,125 sqm site located at 16-22 Claremont St South Yarra, which is currently improved by a two-storey office building. The company plans to redevelop the site into a high-rise 336 units residential and a retail podium development, with an end value of $230 million.
“Given the general slowing down in the Malaysian property market, the group seeks to diversify its property development portfolio overseas,” Salcon said in statement. “This acquisition will allow the group, the opportunity to establish a presence in the Australian property market, where the demand for Australian properties has remained strong in key cities such as Melbourne, in particular in the inner city areas,”
Australian Property Journal
