Park Central One: Opportunity to invest in a Brisbane integrated development

/ EdgeProp Singapore
April 28, 2019 3:08 AM SGT
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)

Luxury apartments

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]