13/05/2010 - 12:31

Three towers proposed for White Sands

13/05/2010 - 12:31

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A Singaporean development company is proposing to build three 12-storey apartment buildings on the White Sands Tavern site in Scarborough.

Three towers proposed for White Sands

A Singaporean development company is proposing to build three 12-storey apartment buildings on the White Sands Tavern site in Scarborough.

Singapore's Chip Eng Seng Corporation announced earlier this week it had acquired the 1.02 hectare site at 242 West Coast Highway for $20 million in a joint venture with John Crane's Melbourne-based development group, CraneCorp.

The joint venture proposes to build three 12-storey towers comprising 150 residential apartments, 80 serviced apartments, 9 townhouses, commercial offices, retail shops and parking facilities.

 

The full announcement is below:

 

Chip Eng Seng in JV to acquire and develop 1.02 Hectare site in Scarborough, Perth

Chip Eng Seng Corporation Ltd, a leading construction and property group, has further broadened its footprint in Australia. It has announced that its wholly-owned subsidiary - CES Corporation Australia Pty Ltd ("CESCA") has formed a 50:50 joint venture company, 242 West Coast Highway Scarborough Pty Ltd (the "JVC"), with CC 242 West Coast Highway Scarborough Pty Ltd. The JVC has acquired a parcel of land at 242 West Coast Highway, Scarborough, Western Australia for AUD20 million.

"Besides Singapore, we see attractive opportunities for CES to grow its portfolio of quality residential projects in the region. Australia is one of them; its long term property outlook remains strong, driven by population growth and robust consumer and business sentiment. Demand continues to outstrip supply in this market."
- Executive Chairman, Mr Lim Tiam Seng

The 1.02 hectare (10,165 sqm) site in Scarborough (a western suburb of Perth) is located on the east of the West Coast Highway and is about a 40-minute drive from Perth City. Scarborough is a seaside community that sits on the Sunset Coast and overlooks the expansive Indian Ocean. The Proposed Development will have a mixed development comprising of three blocks of 12-storey buildings with approximately 150 residential apartments, 80 serviced apartments, 9 townhouses, commercial offices, retail shops and parking facilities (the "Proposed Development").

"We are very excited to be part of the Scarborough Redevelopment Plan which aims to revitalise Scarborough and create a vibrant community for residents and tourists. Our partner is one of Australia's prominent developers, Mr John Crane, who is also the man behind the conceptualisation and construction of landmark buildings like the award-winning Tribeca and Metropol in Melbourne. Together, we will create a distinctive, high quality development with a strong urban coastal character in Scarborough." - Executive Chairman, Mr Lim Tiam Seng

The Scarborough project is the Group's fourth property development project in Australia; it had successfully developed two projects in Adelaide in the past.

Earlier in March 2010, CES had through its wholly-owned subsidiary, CES - McKenzie (Vic) Pty Ltd, been awarded the tender for a 0.2 hectare prime land parcel in the Central Business District (CBD) of Melbourne, Australia for AUD20.2 million.

The proposed Scarborough development is not expected to have any material impact
on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2010. It will be financed through internal funds and bank borrowings.

About CC 242 West Coast Highway Scarborough Pty Ltd
CC 242 West Coast Scarborough Pty Ltd is the trustee for the CC West Coast Trust and Mr John Crane, founder of CraneCorp, a leading market specialist in property development and property solutions based in Melbourne, Australia is the ultimate beneficiary. CraneCorp has amassed an impressive collection of award-winning property projects and investments in its notable yet diverse portfolio of residential, commercial, and retail properties in Australia.


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