When Singapore-listed property developer and construction group Wee Hur Holdings first entered Australia, the firm zoomed in on Brisbane, specifically the southern suburb of Woolloongabba, located seven minutes from the CBD. By March 2015, it had acquired three sites occupying a total area of 1.91ha for a total of A$56.5 million ($60.8 million).
The new project, named Park Central, is a master-planned, transit-oriented development, with a mix of student accommodation, luxury apartments, commercial and office components. With a gross development value of A$1 billion, Park Central is the biggest single development undertaken by Wee Hur in Australia to date.
The first phase of Park Central is the 1,578-room UniLodge Park Central, the largest purpose-built student accommodation (PBSA) in Australia, which has since been completed. It was officially opened last month by Wee Hur Australia country manager, Goh Wee Ping, and Brisbane’s then-lord mayor, Graham Quirk.
Park Central One, an 18-storey block with 168 luxury one- and two-bedroom apartments (Credit: Wee Hur)
The second phase of Park Central is the residential project, Park Central One, with 168 luxury one- and two-bedroom apartments. The apartments sit within an 18-storey block. The rooftop sky park spans 4,000 sq m (43,056 sq ft), with private recreation spaces including a club lounge, outdoor dining and entertainment areas. Other amenities include an infinity-edged lap and lagoon pool with waterfall, jogging track, outdoor gym, yoga lawn and fenced off-leash dog park. Residents can also enjoy panoramic city views from the rooftop. Park Central One is scheduled to be completed in 2021.
Meanwhile, the third and last phase is a mix of commercial, residential and office components. It is currently at the design stage and Wee Hur is targeting to complete this phase by 2023.
A transit-oriented development, Park Central has direct linkways to the Buranda bus and railway stations, with road access and dedicated bikeaways to Southeast Freeway and the Norman Creek Bikeaway and Greenway.
One-bedroom apartments at Park Central One start from about 55 sq m with prices from A$360,000 (A$608 psf) [Credit: Wee Hur]
Park Central One was officially launched in June 2018, and so far, 39 units (23% of the 168) have been sold. When it was showcased in Singapore over a weekend last June, five units were sold.
According to Wee Hur’s Goh, the location appeals to both investors and owner occupiers. While some are buying for their children’s use when they start their tertiary education, others are looking for recurring rental income, he adds. “Owner occupiers are also attracted by Park Central One as there are major employment nodes nearby, including the CBD.”
One-bedroom apartments at Park Central One start from about 55 sq m with prices from A$360,000 (A$608 psf). Meanwhile, two-bedroom units start from 83 sq m with prices from A$500,000 (A$539 psf).
The rooftop sky park spans 4,000 sq m (43,056 sq ft), with private recreation spaces including a club lounge, outdoor dining and entertainment areas (Credit: Wee Hur)
Last July, the government of Queensland introduced an additional foreign buyer tax of 7%. Foreign buyers in Melbourne and Adelaide are also subjected to an additional 7% buyer tax, while in Sydney, it’s 8%.
“However, it is not the main deciding factor for purchasing a unit as we are giving stamp duty reimbursement of up to 3%,” says Goh. Wee Hur is also prepared to offer more incentives in terms of discounts of up to 10%.
EdgeProp’s first International Property Show is taking place on 4 and 5 May 2019 at the Level 3 Concourse of Suntec Singapore Convention and Exhibition Centre. The International Property Show is an ideal starting point for first-time buyers who seek a better understanding of investing in overseas markets. Visitors can also expect exclusive discounts and offers at the show.
Complimentary tickets can be obtained now at: http://edgepr.link/ips2019