Singapore-listed investment holdings company KLW Holdings has acquired a five-storey property at Lincoln Square South in Melbourne’s Carlton for $12.5 million.
It marks a continuation of the company’s move into the real estate business, following an earlier acquisition of a seven-storey property at 301 Flinders Lane in Melbourne for $23.6 million last year.
The Lincoln Square South building is approximately 3745sqm and sits on a 906sqm lot, less than 500 metres north of the city. It is currently classified mixed-use.
KLW Holdings Managing Director Lee Boon Teck said the Carlton building was a good addition to its portfolio in terms of value and capital appreciation potential.
“Being in a mixed use zone, we are presented with a range of potentially lucrative development options from office to residential uses,” he said.
“It has an excellent location close to the CBD, with three street frontages enabling ample natural light and offering stunning views of Lincoln Square Gardens and the CBD. It also has major attractions within its immediate precinct including the Carlton Gardens, Royal Exhibition Buildings, Melbourne Museum, Melbourne University, Melbourne Central and The Royal Melbourne Hospital.”
Allard Shelton and Colliers International marketed the property.
KLW Holdings Limited is an investment holding company mainly engaged in door manufacturing, residential projects management and property leasing.
With manufacturing bases in Malaysia and China, its door sets are supplied to home improvement and DIY chain stores and distributors throughout Europe, USA, Middle East and Asia. In Singapore, it supplies doors to several residential developments.