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Hiap Hoe's Melbourne foray

By hockmeng.tay@bizedge.com

March 15, 2015 12:00 AM SGT

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Hiap Hoe Ltd announced it has been granted regulatory approval for the redevelopment of its property, 380 Lonsdale Street. It will now be able to redevelop it into a mixed-use scheme with residential units, offices and commercial units, as well as a hotel. The group has entered into a letter of Intent with Starwood Asia Pacific Hotels & Resorts to operate the hotel at 380 Lonsdale under its Aloft brand.

The group also announced that 83% of the residential units at Marina Tower, its apartment project in Melbourne, have been sold, with sales totalling A$222.8 million ($235J mil lion) 10 date. The construction of Marina Tower has already commenced, with the completion date set at end-2017. Marina Tower is also a mixed-use scheme. Beyond the residential component, the project will have a 273-room hotel, which is expected to open in early 2017. The hotel will be managed by Starwood Hotels & Resorts under its FourPoints brand,

This article appeared in the City & Country of Issue 668 (Mar 16) of The Edge Singapore.

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