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Saturday, April 16, 2011

Australian developer The King comes to town

KUALA LUMPUR: Australian developer The King Property Group has set up a base in Malaysia to sell its properties to local investors.

Its director Edwen Yew said the group is venturing into Asia to build its brand and raise its profile to prepare for an initial public offering (IPO) in Hong Kong in three years.

The King Group is looking at raising more than US$1 billion (RM3.02 billion) from the IPO to carry out property development projects in Australia.

The group, which has been in business for over 20 years, is a builder of landed and high-rise residential and commercial properties in Melbourne and Sydney.

It has 10 ongoing residential projects in Melbourne, worth up to A$400 million (RM1.27 billion) each, which it intends to sell here through its Malaysian arm, OZ Property Group Sdn Bhd.

Each property is priced between A$430,000 (RM1.37 million) and A$650,000 (RM2.07 million) each.

OZ Property will assist Malaysians to buy the properties and secure up to 80 per cent loan. The company has tied up with 79 real estate agencies in Malaysia to sell the properties, starting this month, Yew said.

Yew, who is also the chief executive officer for OZ Property, said he is upbeat on Malaysia.

"We have a lot of cash-rich Malaysian investors who come to us in Australia to buy our properties. Now, they don't have to travel far to make their purchases," he said at the soft opening of OZ Property in Sri Hartamas here yesterday.

By Business Times

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