Sim Lian to buy 5 shopping malls in Australia

PROPERTY and construction group Sim Lian is acquiring five neighbourhood shopping centres in Australia for A$133 million (S$151.2 million), in a bid to smoothen fluctuating development profits.

The properties - four in operation and the fifth to be ready in April - are in the states of New South Wales, Victoria and Queensland.

Sim Lian's executive director Kuik Sing Beng said in a statement: "It represents our entry into the Australian shopping centre market and we are confident it will further enhance the quality, diversity and income profile of our investment portfolio."