Future fair: (From left) Tan, Gandhi and Goi show the future plan for a bigger-scale MIFF in 2018 during the MIFF 2016 pre-show press conference in Kuala Lumpur. Malaysia will stand to benefit from the Trans-Pacific Partnership Agreement (TPPA), as there would be fewer barriers for the export of Malaysian-made furniture to the United States, said United Business Media (M) Sdn Bhd (UBM) managing director M Gandhi. “The good thing about the TPPA is that it is not in conflict with the other free trade agreements (FTAs). “It is an addition to what we already have. “One of the biggest buyers of Malaysian furniture is the US, and it is part of the TPPA. “In fact, most furniture exports are to countries that are a part of the TPPA “Besides that, one of our competitors is China, and China is not part of the TPPA. So, Malaysia will be more competitive in exporting to the TPPA countries,” added Gandhi. The upcoming Malaysian International Furniture Fair (MIFF) 2016, which is t
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| Big project: A model of the proposed mixed development planned by SP Setia in Melbourne. |
Developer plans to build mixed development project with RM1.9bil GDV
KUALA LUMPUR: SP Setia Bhd has bought a 1.02-acre site in Melbourne – the largest east-end Central Business District (CBD) development site in the city to be sold in over a decade – where it will undertake a mixed development project with an estimated gross development value (GDV) of A$640mil (RM1.91bil).
The property developer told Bursa Malaysia that it had secured its fifth site in Australia, 308 Exhibition Street, in “a highly competitive International Expression of Interest bidding exercise” from Australian telecommunications company Telstra Corp Ltd.
Its Australian property development arm Setia (Melbourne) Development Co Pty Ltd has inked a conditional agreement to acquire the freehold land opposite the Carlton Gardens for A$101mil (RM300.96mil).
SP Setia president and chief executive officer Datuk Khor Chap Jen said that once transformed by the company, the site would be the epicentre of Melbourne CBD’s cultural, commercial, education and city garden hubs.
“This development will boast a combination of multi-level retail, prime A-grade office space and luxurious apartment towers and will set a new precedent for premiere developments across Melbourne and revolutionise its urban landscapes,” he said in a statement.
SP Setia proposed to redevelop the land into two residential towers comprising up to 800 residential units with a retail podium space.
The development is slated to be launched in the second half of next year.
As of Dec 31, 2015, the SP Setia group has 27 ongoing projects, with an effective stake of 3,907 acres in undeveloped land bank remaining and RM70.6bil in GDV.
Setia Melbourne has undertaken two successful condominium projects in Melbourne (Parque and Fulton Lane).
It is currently undertaking planning for another two niche development projects in Prahran and Carnagie, both of which are also located in Melbourne.
source: thestar
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