Australand Fund Picked To Develop Brisbane Site

Source : The Business Times, July 31, 2008

CapitaLand's Australian unit Australand said on Thursday that its recently-formed Australand Residential Development Fund - which is a joint venture between Australand and BOS International (Australia) - has been selected as the preferred organisation to purchase and develop a 6.28 hectare riverfront site in the Brisbane suburb of Hamilton.

This follows a two-stage selection process run by the Port of Brisbane's Northshore Development Group.

The fund will acquire and develop the project over the next eight years, subject to the satisfactory finalisation of commercial terms, Australand said. The fund will utilise the equity and debt financing currently in place, the company added.

'Developing Northshore Hamilton through the Residential Development Fund will allow us to increase Australand's residential pipeline in Queensland, especially in the strong Brisbane market, without the need for additional capital,' Australand managing director and chief executive Bob Johnston said in a filing to the Singapore Exchange. -- UMA SHANKARI, BT NEWSROOM