SP Setia Announces Plans For Telstra Site

Malaysian developer SP Setia has lodged plans for a $640 million twin tower project in central Melbourne on a site it purchased from Telstra, according to The Australian Financial Review.

The two towers will reach 69 storeys on Exhibition Street, across 122,000 sqm, and are designed by architect firms Cox and Fender Katsalidis.

500 apartments and 520 hotel rooms will be spread across the buildings according to plans lodged with the state government.

Hotel facilities including restaurants and bars are included in the plan along with retail space, a ballroom, and function space. The proposal includes a 1370sq m childcare facility along with a yoga studio and pool facilities.

SP Setia acquired the high-profile site at 308 Exhibition Street - which features frontages to Exhibition and La Trobe Streets - from Telstra in May for $101 million after the telco abandoned its own ambitious plan to develop an $800 million-plus tower, according to AFR. 

The 4140sq m site was carved out of a larger holding controlled by Telstra.

SP Setia has said it plans to launch its Exhibition Street project in the second half of 2017. It estimates its gross development value will be $640 million.

Just days ago SP Setia Bhd bagged the ‘Best Employer’ award for the seventh time at the Aon Hewitt Best Employers 2016 award ceremony.

This came on top of a special recognition for its ‘Commitment to Engagement’ award.

President and chief executive officer (CEO) Datuk Khor Chap Jen said it was a huge honour for team Setia to have won the award for the seventh time.

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