To say Melbourne's apartment market is an attractive target for Asian based developers and institutional investment vehicles is quite the understatement these days. Seemingly every week there's a new announcement concerning the arrival and/or ambitious expansion of Asian developers seeking their slice of the Melbourne pie.
This week is no exception with local developer ICD Property joining forces with two Hong Kong Stock Exhchange-listed entities in order to deliver a forthcoming Melbourne project - Eq. Tower. ICD Properties website reads a follows:
ICD Property is proud to announce two joint venture partners, Sino-Ocean Land Holdings Limited and Gemini Investments (Holdings) Limited, who are investing in ICD Property’s landmark project in Melbourne’s CBD, Eq. Tower. Gemini Investments (Holdings) Limited is a subsidiary of Sino-Ocean Land Holdings Limited which is one of China’s largest property developers.
The controlling shareholder of Sino-Ocean Land is China Life Insurance Company Limited, which is the largest life insurer in the People’s Republic of China. Both Sino-Ocean Land and Gemini Investments are listed on the Hong Kong Stock Exchange. ICD Property’s managing director, Michael Mai said the partnership between ICD Property, Sino-Ocean Land Holdings Limited and Gemini Investments (Holdings) Limited would maximise the strengths of each individual entity and help earn international recognition of the Australian property market.” ICD Property is thrilled to announce Sino-Ocean Land and Gemini Investments as our new joint venture partners for Eq. Tower – our new apartment project in Melbourne’s CBD.”
By cementing an international partnership we can play to our strengths and form synergies for the joint benefit of the project, whilst at the same time we can focus on placing Australia’s property market firmly on the world stage,” he said.
Eq. Tower with the address 127-141 A'Beckett Street is located within the northern reaches of Melbourne's CBD. Highlighted by Urban Melbourne last year, the Elenberg Fraser design draws inspiration from Dior's Fahrenheit bottle - a detailed overview can be found here.
Perhaps the most impressive aspect of this project is the speed at which it has progressed. Having been submitted last September for approval, many steps have since been taken in order to facilitate a public sales launch upon receiving planning approval, which includes appointing Sinclair Brook as project manager.
One would expect the addition of Sino-Ocean and Gemini Investments as joint venture partners provides surety in terms of project finance and the ability to tap a large, established customer bases in both Hong Kong and China who are willing to purchase overseas properties - both of which bode well for Eq. Tower.
Urban Melbourne has been informed that a site for registrations of interests will be launched soon.