One of the largest sovereign pension funds in the world has purchased a 49 per cent stake in Melbourne’s largest mixed-use project, Melbourne Square.
The largest pension fund in Malaysia, the Employees Provident Fund (EPF) paid $154 million for the stake, which was only its second international investment into a greenfield development project behind the redevelopment of London’s iconic Battersea Power Station.
Melbourne Square, the first Australian project of OSK Property, will add a vertical village the size of the MCG to Southbank. To feature a dynamic public realm, apartments, retail and childcare, it will span more than 3,700 square metres and finally provide Southbank with a much-needed green heart.
EPF CEO Datuk Shahril Ridza Ridzuan said Melbourne Square is a befitting addition to EPF's overseas portfolio.
"This is EPF's second development venture overseas after Battersea in London. With the increasing demand for residential property in Melbourne, Australia will enable EPF to generate returns for its members."OSK Holdings CEO Tan Sri Ong Leong Huat Melbourne Square will be an important project for the world's most liveable city, providing the delivery of much-needed critical community infrastructure including a public park and network of green spaces.
"Partnering with EPF is a key milestone in progressing this project that will become a central point for Melburnians.”
Designed by Cox Architecture, in conjunction with Taylor Cullity Lethlean for the landscape gardens, almost 20 per cent of the site will feature a dynamic public realm including a park alongside retail, childcare and specialty stores.
Stage one of the project will launch this year and feature two shimmering elliptical luxury residential towers with a capacity of over 1000 apartments. The gardens will also provide visitors with enhanced linkages to the CBD and Royal Botanic Gardens.
Later stages will also feature a hotel, commercial office, further apartments and become a destination in the city.
The development’s confidence is also underpinned by partnerships with Australia’s leading practices, including Multiplex, which has been engaged to provide early contractor involvement and Carr Design to produce stage one luxury interiors.