Last month, a young Malaysian (through his company Beulah International) paid A$101 million to buy over the BMW Southbank site of 6,191 sqm & in the process set a Melbourne record. And guess who is this young man? No other than the son of Mr Chan Kong Choy! Can anyone pls explain how a former Minister can accumulate such a fortune to buy that property??? According to Wikipedia d Malaysian PM’s salary is only RM22,826 pm!
Record price for landmark BMW site on Melbourne’s Southbank
BMW’s landmark Southbank site has sold for more than $100 million in the biggest central Melbourne property deal of the year.
DECEMBER 20, 20174:30PM
BMW’s flagship Southbank site has sold for more than $100 million.Source:Supplied
BMW’s landmark Southbank site has sold for more than $100 million in the biggest central Melbourne property deal of the year.
Developer Beulah International has forked out $101,008,888 for the prominent 6191sq m corner property at 58 Southbank Blvd.
Beulah International principal Jiaheng Chen said the developer’s vision for the site was “a groundbreaking concept not seen before in Australia.”
“What attracted us to the BMW site was simple. It provides an opportunity to create a landmark development that will potentially comprise of retail, hotel, residential, commercial and public space that is of a world class standard,” he said.
BMW Australia chief executive Marc-Henrich Werner said the luxury car manufacturer was excited to showcase its latest technologies at the ongoing showroom.
The prominent Southbank corner site. Picture: Google.Source:Supplied
An artist’s impression of Fender Katsalidis’ vision.Source:Supplied
CBRE national director Mark Wizel said BMW had “placed a high degree of emphasis on who they would be partnering with on the future development” of its home of more than 20 years.
“While many different buyers had more straightforward visions for the site, we have chosen Beulah due to their proven capabilities and commitment to innovation and exemplary design, values which closely align with that of BMW,” he said.
More than 20 offers were received for the site, for which architecture juggernauts Fender Katsalidis have designed a plan comprising dual buildings with more than 800 apartments, 600 hotel rooms and 10,000sq m of retail space joined by a sky bridge.
CBRE director Josh Rutman said: “interest was received from a range of developers with existing active projects in Melbourne, in addition to several offers from new market entrants with links to mainland China.”
The sale price was the highest in the CBD for 2017 and follows Malaysian developer SP Setia’s purchase of the 4000sq m old Telstra site in Exhibition St for $101 million.
Originally published as Record price for landmark BMW site
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