Plans For Melbourne Square Development Site Revealed
As an off shore buyer buys into the Melbourne Square development at Southbank, plans for the future site have been revealed.
The development will comprise of six buildings - four apartment blocks with approximately 2,610 apartments, an office tower and a hotel and retail building, all ranging from 38 to 73 levels. The development’s jewel of the crown will be a 3,700 sqm park. Using a fifth of the development space, the European-style public park will include cascading water features, promenades and plazas that will also be designed to host markets, cultural events and other outdoor activities. The project is on track to start this year with stage one being the public park and a residential tower.
Off shore investor, Employees' Provident Fund (EPF), has bought a 49% share in the development. EPF IS a social security institution formed by the Malaysian government to provide and manage the compulsory savings plan and retirement planning for private sector workers in Malaysia. It has bought into a partnership with PJ Development Holdings Berhad, which has since been merged with OSK Property Holdings Berhad to form the OSK Group. OSK’S interests include property development & investment, financial services, construction, industries and hospitality.
EPF paid $154 million for the almost half share in the Melbourne Square development after the OSK Group purchased the development site for $145 million in 2015.