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City Developments Invests In AUD275 Million Residential Development In Australia
Daily Bulletin | 10 December 2015
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City Developments (CDL) in partnership with leading Australian developers, Abacus Property Group and KPG Capital, will jointly develop a prime residential land site in Brisbane’s South Bank precinct.

Located at Merivale Street in South Brisbane, the project is situated on a 2,733 square metres freehold site and will be developed into two 30-storey towers, accommodating a total of 472 apartments with gross development value of around AUD$275 million.

CDL and Abacus will jointly provide the majority of equity funding via a preferred equity interest of approximately AUD30 million each.

The re-entry into Australia’s residential is in line with the group’s overseas expansion strategy to supplement its Singapore operations. CDL noted that Brisbane’s residential market remains attractive due to its affordability as compared to other Australian cities.

City Developments  10.330 -0.06 -0.58%   
Business: Co is an international property & hotel conglomerate. [FY18 Turnover] Property development (48.4%), hotel operations (39.8%), rental properties (8.5%), others (3.3%).

Insight: May-19, 1Q19 decreased 29.5% to $746.2m compared t... Read More

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