OSK (5053) - EPF partners OSK for the Melbourne Square project
Employees Provident Fund (EPF) has entered into an agreement to subscribe a 49 per cent in Yarra Park City Pty Limited (YPC) for AU$154 million, as part of its plan to expand property investment portfolio in Australia.
The remaining 51 per cent in YPC is held by PJ Development Holdings Bhd (PJD), a subsidiary of OSK Holdings Bhd (OSK), via its wholly-owned subsidiary in Australia, namely PJ (A) Pty Ltd (PJA) and Equity & Property Investment Corp Pty Ltd (EPIC), which is 27.4 per cent owned by PJA.
This is EPF’s second development venture overseas after Battersea in London.
The increasing demand for residential in Melbourne, Australia will enable EPF to generate returns for its members, EPF said in a statement.
Incorporated in New South Wales, Australia YPC holds the development rights for the upcoming 5-acre mixed development project named Melbourne Square, located in Southbank, Melbourne.
Melbourne Square will mark OSK’s maiden foray into Melbourne, as property market there have received much interest from international developers.
The Melbourne Square development comprises of four towers of residential apartments, an office tower, a hotel/serviced apartments tower and multiple street-level retail lots across the various components, has an expected gross development value of AU$2.8 billion.
The project will be developed in five stages over 10 years.
OSK (5053) - EPF partners OSK for the Melbourne Square project
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