Far East to buy 2 commercial projects in Australia

Developer Far East Organisation is buying two prime commercial properties in Australia, it announced on Monday.

It has inked conditional contracts to purchase the Clocktower Square complex in Sydney for A$72 million (S$85.4 million) and the Harbour Town centre in Perth for A$205 million as part of its growth and diversification strategy.

The company noted in a statement that it views Australia as an "attractive property investment market driven by a stable economy and well-regulated business environment".

Both deals were brokered by Jones Lang LaSalle.

The Clocktower Square complex is a mixed-use development including a two-level mall, a six- storey commercial office tower and the 61-room boutique Rendezvous Stafford Hotel.

The complex is located near the Harbour Bridge, the Opera House and Sydney's central business district.

The property has a site area of 38,739 sq ft, and a 99-year lease ending in March 2088.

Mr Mark Durran, Jones Lang LaSalle's Hotels & Hospitality Group's managing director for investment sales, said: "The sale represented a rare opportunity for an investor to secure a foothold in the tightly held northern corridor of the CBD, offering panoramic Harbour Bridge and Opera House views, with development potential for an expanded prestige hotel offering."

Harbour Town Perth is a two- storey freehold outlet mall about 1km west of Perth's central business district.

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