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Chip Eng Seng Corporation Ltd Announces Incorporation Of Wholly Owned Subsidiary And Purchases Of Vacant Development Site At 170 Victoria Street, Melbourne Vic

Monday, 1 Apr 2013 05:25am EDT 

Chip Eng Seng Corporation Ltd announced that the Group has incorporated a wholly owned subsidiary, CES-Victoria (Vic) Pty Ltd (CES-Victoria) in Australia and CES-Victoria has entered into a Contract of Sale (the Agreement) to purchase a development site at 170 Victoria Street, Melbourne Vic (the Site). The purchase price for the Site is AUD32,000,000 plus GST (the Purchase Consideration). The Site is virtually vacant except for a 2 storey heritage building shell which will form part of any future development. The Site is situated in a high profile CBD fringe location on the corner of Victoria Street and Bouverie Street at the northern termination of the Melbourne axis of Swanston Street. The site area of 2,927 square metres will be re-developed into a staged, multi storey mixed use high rise development of residential accommodation of approximately 1,000 apartments, street level retail space and a number of podium levels of secure parking in addition to 2 levels of basement car parking (the Proposed Development). 

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17 Apr 2014