The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailSun 26 Nov 17

Malaysia's Eco World to Develop $139m Macquarie Park Project

20139657_717088568493768_2543519378320147076_n

Malaysian property developer Eco World International has secured a development site in Macquarie Park for $40 million with plans to develop an $139 million mixed-use project. 

The site at 1-3 Lachlan Avenue, located favourably near Macquarie University, has a strata building of which Eco World has been able to secure call and put option agreements with owners of 25 of the units to buy them via a collective sale. This amounts to about 84 per cent of the scheme, which is clear of the 75 per cent required in New South Wales for unit owners to be able to end their strata scheme.

"We are delighted to be able to add the Macquarie Park site, which is situated in a fast-growing location extremely popular with Sydney-siders, to our growing project portfolio in Australia," EWI's president and chief executive Datuk Teow Leong Seng said.

"Our decision to focus on serving the needs of the domestic property market began with the acquisition of the Yarra One site in South Yarra, Melbourne," he added.

[Related reading: From Precinct to City: Inside the Opportunities and Challenges for an Evolving Macquarie Park]

Eco World is proceeding with its plans for a 26-floor $242 million tower on Claremont Street in South Yarra after buying an 80 per cent stake in the Australian business of fellow Malaysian developer Salcon mid this year.

[Related reading: New Yarra One Atrium a Portal to a Closer Community]

The Macquarie Park opportunity was marketed by CBRE’s Peter Krieg, Ben Wicks and Tao Shi.

Eco World plans to develop 125 residential units as well as a retail component. The acquisition is expected to be completed by November 2018 with a launch in the first half of 2019.

ResidentialRetailAustraliaInternationalReal EstateSector
ADVERTISEMENT
TOP STORIES
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
5 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
View All >
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
From Main Beach apartments to Southport towers, projects are frozen while receivers trace investor funds and builder cla…
LATEST
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
2 Min
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
5 Min
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
2 Min
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/malaysias-eco-world-to-develop-macquarie-park-project