Malaysian developer doubles down in Melbourne
Gamuda Australia has acquired a St Kilda car rental yard with plans for a major apartment tower.
The branch of Kuala Lumpur listed Gamuda Berhad is paying c$9.6 million for the 945 square metre Mixed Use zoned parcel at 95 St Kilda Road.
The property neighbours the 26 level STK building – the first project called in by former planning minister Matthew Guy, in 2011 – and another residential tower, of 14 storeys, recently completed by Goal Property.
It also shares the block with a modest studio apartment complex that made headlines in 2019 when 21 strata owners doubled their windfall by uniting to sell to a high density developer.
Last year, a 739 sqm site at 40 Barkly St, abutting 95 St Kilda Rd to the west, traded for $5.39m.
St Kilda is about six kilometres from the CBD.
Gamuda doubles down in Melbourne
The St Kilda Rd deal was agreed in July – the same time Gamuda settled on the $24m purchase of Dunlop Rubber’s long-time former Fishermans Bend base (story continues below).
At 272-280 Normanby Rd, at the V-intersection of Johnson, that 2672 sqm South Melbourne block is now the subject of a 20 storey apartment building with 200 dwellings.
That acquisition saw Gamuda re-enter the Australian market after in 2017 completing a 30 level mixed use residential and hotel complex at 661 Chapel Street, South Yarra, replacing the ex-CR Kennedy headquarters.
“Since Australia’s borders reopened for business, Gamuda Land has been actively looking to expand its foothold in all capital cities, in order to bolster residential supply by an additional 1000 residences,” chief executive officer, Ngan Chee Meng, said upon announcing the Normanby Rd project.
“As a town maker, Gamuda Land is well positioned to apply our expertise in our international projects toward addressing challenges like climate change and housing affordability, which form the cornerstone of our scheme for South Melbourne,” he added.
Across the city, it is intending to develop about 1000 apartments over five years.
Stonebridge’s Julian White and Chao Zhang with Gorman Allard Shelton’s Jonathan McCormack and Tom Maule marketed 95 St Kilda Rd.
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