FAR East Organization, which has been eyeing the Australia market for expansion opportunities, has signed conditional contracts to buy two properties there for A$277 million ($328 million).

The Clocktower Square complex in Sydney will cost A$72 million and the freehold Harbour Town Centre in Perth, A$205 million, the group said in a statement yesterday. The former is a 99-year leasehold (expires in March 2088) commercial, retail and hotel development, while the latter is a freehold outlet shopping centre.

"Far East Organization views Australia as an attractive property investment market driven by a stable economy and well-regulated business environment. The acquisition of Clocktower Square in Sydney and Harbour Town Centre in Perth reinforces the organisation's strategy to build a more balanced asset portfolio beyond Singapore and Malaysia.