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Figtree Holdings, through its wholly-owned subsidiary Figtree Real Estate (FREPL), has inked a deal to purchase a freehold property in Melbourne Australia for A$14 million, or around $16.3 million, it said in a Singapore Exchange filing.
The catalist-listed commercial property developer noted that the purchase price was arrived after taking into consideration the property’s location and redevelopment potential.
The property is being sold by Mr George Yankos, Mr Antigone Yankos and Mr Lambros Yankos.
With a total land area of approximately 503 sq m, the freehold property has an existing three-storey building.
Located within the “Capital City Zone 1”, the property is near Elizabeth Street, Melbourne Central Mall, Melbourne Central Railway Station, Queen Victoria Market, China Town and Flagstaff Garden. Nearby universities include RMIT and University of Melbourne.
Under Melbourne’s current zoning, the property can be developed for residential, retail and hotel uses.
Figtree said it intends to develop the property into a high-rise mixed development.
Meanwhile, the group said the purchase price will be funded by internal resources and bank borrowings. The acquisition is not expected to have any material impact on the group’s earnings per share and net asset value per share for the current financial year ending 31 December 2014.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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