By D KANYAKUMARI / Pic By MUHD AMIN NAHARUL
Property developer OSK Property Holdings Bhd and the Employees Provident Fund (EPF) launched the first phase of Melbourne Square with a GDV of A$927 million (RM3.06 billion).
The overall project of Melbourne Square is expected to be worth A$2.8 billion in GDV.
OSK in a statement last Friday said the project will be developed in five stages over eight to 10 years.
The firm said it will transform a former carpark into a “dynamic mixed-use community and retail centre”.
“The project will transform the car park bounded by the Westgate Freeway, as well as Kavanagh, Balston and Power Streets in Southbank.
“It aims to give Southbank a ‘green heart’ with a public park and network of leafy spaces, as well as critical community infrastructure,” OSK said.
The park would include infrastructures such as a childcare facility and a super-market, along with other retail options.
Melbourne Square comprises four towers of residential apartments, an office tower, a hotel/serviced apartments tower and multiple street-level retail lots across the various components.
The project is reported to be EPF’s third overseas project after the Battersea Power Project in London and Tanjung Pagar Centre in Singapore.
Bernama reported EPF CEO Datuk Shahril Ridza Ridzuan as saying that Melbourne Square meets EPF’s long-term objective.
“The increasing demand for residential property in Melbourne will enable EPF to generate returns for our close to 15 million members,” he said.