Singaporean property giant, Roxy-Pacific has chosen South Brisbane as home to its next development project within Australia.
According to The Australian, the developer giant has entered into a joint venture with Hostplus, an Australian superannuation fund.
The venture will comprise of two developments on 64 Peel Street and 9 Cordelia Street, both owned by Brisbane based Aria Property Group.
The developments received approval on January 30 for two 30-storey towers that will encompass residential, office, retail, and hospitality sections, and will amount to a total of 2,597 square metres.
Hostplus holds a 60 per cent interest in the joint venture, while Roxy-Pacific will hold a 40 per cent stake.
According to The Australian, This joint venture isn’t the only Australian development Roxy Pacific has brought on, the company recently bought a site in Perth for $17 million in addition to last year’s $90 million acquisition of an office block in Sydney.
Roxy-Pacific is among many developers swooping in on the South Brisbane market, with Canberra-based company Doma Group reportedly purchasing a $17 million site at Grey Street, Southbank. China’s R & F bought a site worth $46 million, on Cordelia Street.