Malaysian developers trade Sydney apartment site
A Malaysian consortium has acquired a permit-ready development site in Sydney’s Macquarie Park.
A vehicle linked to Bursa listed Eco World International banked $32 million for 1-3 Lachlan Avenue.
The buyers are Ascension Synergy Sdn Bhd, a private subsidiary of Eco World Development Group, which is also listed on the Malaysian exchange and JLand Group, the property arm of state-owned Johor Corporation.
The pair will hold the investment via Version NODE Sdn Bhd, a 50:50 joint venture between ASSB and JG Land Macquarie Park Sdn Bhd.
Development planned
The Macquarie Park site spreads 2751 square metres (continues below).
The proposed development would contain 123 dwellings over 16 levels – a total 11,004 sqm.
The bulk of the dwellings (63) would contain two bedrooms. The design also includes 44 one bedroom units and 16 with three beds.
JLand Group will retain its interest via JGL Investment Holdings Bhd.
Savills’ Stuart Cox and Johnathon Broome were the agent.
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