Hiap Hoe

Hiap Hoe: continues to make further inroads into Australia. Has entered into a MOU with Probuild Construction (Aust) to pursue JV opportunities for the group’s recently acquired sites at 6-22 Pearl River Road and 380 Lonsdale Street in Australia. Hiap Hoe expects to formalize this partnership with Probuild with binding agreements within the next 12 mths. Incidentally, Hiap Hoe has formally completed the A$43.8m acquisition of 380 Lonsdale Street and unveiled plans for the redevt of two towers of 51 and 47 sotreys on top of a 5-storey podium, with an option to go up to 59 storeys. The proposed devt will feature 658 apts, 1,344 sqm of retail space, a 399 space car park facility and a 350-room upper-scale hotel. The redevt is scheduled to commence in 1Q14 with expected completion by mid 2017. Meanwhile, Hiap Hoe has appointed CBRE Hotels, Australia to perform a tender and selection for international or well-branded hotel operators to manage the hotels that are currently planned to be built at 6-22 Pearl River Road, Docklands, and 380 Lonsdale Street in Melbourne. Probuild is a national contractor with offices in Melbourne, Sydney and Perth, with recent projects of combined value of close to A$1b.