Hiap Hoe unit to sell Melbourne property to Australian developer

HIAP HOE, through its subsidiary Meteorite Property, has entered into an agreement to sell a property in Melbourne for A$60 million (S$61.8 million) before taxes to an Australian developer.

This would also mean that plans for a joint venture between the two parties will have to be annulled, as the new company was to manage the development of the said property.

Hiap Hoe said on Wednesday evening that it has entered into an agreement with A&J Brady Pty Ltd, also known as the Brady Property Group, to sell its property at 380 Lonsdale Street in Melbourne.

Brady will be granted an exclusive due diligence period starting Wednesday, up to and including April 11, said Hiap Hoe.

Thereafter, both parties are to exchange the formal contract of sale of the property on April 15, with an aim to settle the transfer by July 31.

The local real estate developer also said in the same release that it has mutually agreed with Brady to cancel plans for a proposed joint venture.

The new joint venture was to be established for the purposes of managing a project that would see the property - together with others under Hiap Hoe - be developed into two mixed-use towers comprising residential, commercial and office space and a hotel.