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Monday, June 20, 2011

Malaysian developer seeks Asian partners

Malaysian-born property developer Maha Sinnathamby is looking for more development partners to accelerate his vision of completing his world class city in Australia.

Sinnathamby bought 2,860 hectares of land 26km west of Brisbane and has been transforming the timber plantation in Springfield into a city over the past 20 years.

Terry Honan, the business development executive from the company, is attending the Real Estate Investment World Conference in Singapore this week to identify potential development partners.

"The development potential at Springfield is huge with more than 9,000 residential lots further to be developed and 23,000 apartments to be built in the City centre," Honan told Bernama.

"With approval for over one million square metres of commercial and retail development space, the project provides an opportunity for major overseas developers to secure a huge development pipeline over a long period of time."

DTZ property consultants have been engaged to assist Springfield to find the right partners and the firm believes that Springfield is a good opportunity for major development companies.

"This project is unique and very ambitious but the hard work in building the major infrastructure is just about completed," DTZ said in a statement.

The city building project has reached a critical mass of 22,000 residents and a workforce of 8,000 people. The projected population of Springfield City is 130,000 by 2030.

The city is the hub of an area known as the western corridor and is one of the fastest growing areas in Australia.

The highway network to the project has been completed and the Queensland state government will complete the railway line and two stations in Springfield by 2013.

The Springfield Central Station will be a major station with regional bus connections at built cost of A$70 million.

Over 20 hectares of the project has been designated for Education City and is the home of the University of Southern Queensland and technical colleges.

Next to Education City is a further 52 hectares designated for Health City and will include a major hospital with 1,200 beds and all related health services.

By Bernama

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