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Image: By Maksym Kozlenko
Some people are opposing the sale of the General Post Office (GPO) building at Sydney in the state of New South Wales (NSW) to overseas real estate developers, reported The Straits Times.
Built in 1874, the famous landmark has been sold by state-owned Australia Post to Singapore’s Far East Organization and its sister firm Hong Kong-based Sino Group, both of which are controlled by Singapore’s Ng family.
Located in the prime area of Martin Place, the Victorian-era building was recently sold for AUD150 million (SGD156 million). Under a rental contract inked in 1997, the property will continue to house the city’s post office until at least 2096.
A portion of the building was already sold off 10 years ago, but Australia Post agreed to sell the remainder, which is presently leased by Far East and Sino Group. Notably, both firms already possess a part of the site containing the Westin Hotel.
Australia’s Foreign Investment Review Board has already given its nod to the deal. While it still requires the approval of the Commonwealth Heritage agency, the federal government is unlikely to block it.
However, some are against the transaction due to worries that the General Post Office would lose its historical features after its redevelopment, while some want the “masterpiece” to remain in the government’s hands.
“I think it’s scandalous that such an important building in such an important city should be sold off in this way. It’s part of the nation’s heritage. It should really continue to be owned by Australia,” said Dr Clive Lucas, President of the NSW branch of the National Trust, a conservation group.
Nevertheless, Far East and Sino Group promised that they will follow all state and federal heritage rules in redeveloping the property.
“The owner will be guided by all relevant federal and NSW heritage laws and regulations if any development concepts are to be proposed for the building in the future, said Lay See Shaw, COO of Far East Organization’s property business in Australia.
While the developers are still working on the plans, there is still no firm proposals or specific timelines, she noted.
Notably, Far East and Sino Group have experience in conserving historic buildings like The Fullerton Hotel, a building constructed in 1928 that previously housed Singapore’s general post office.
In Hong Kong, the Ng family also conserved and redevelop the Old Tai O Police Station, which was originally built in 1902.
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