Singapore firms buy up Melbourne sites

Posted on September 9, 2013 by | 0 Comments
Ground level: The Victoria University building at 300 Flinders Street.

Ground level: The Victoria University building at 300 Flinders Street.

Foreign investors are buying about 25 per cent of commercial properties offered in Melbourne’s CBD, a record level, Savills Australia maintains.

Two Singaporean listed companies have splashed out a combined $226.1 million to buy four Melbourne properties over the past month and a Hong Kong-based private investor has bought an office block for $31.5 million.

Victoria University announced Monday it had sold its 12-level office building at 300 Flinders Street to the Singapore exchange listed Hotel Grand Central group for $48.5 million.

The Flinders Street sale follows an unprecedented buying spree by another Singapore development company, Hiap Hoe, who snapped up three prime Melbourne sites over two months for a total of $177.6 million.

It also follows another Hong Kong based investor announcing Monday the purchase of Taylors House at 399 Lonsdale Street for $31.5m.

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