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In a joint statement today, the pension fund said it is subscribing to a 49% equity interest in Yarra Park City Pty Ltd (YPC) for A$154 million. YPC holds the development rights for an upcoming five-acre mixed-use development project, Melbourne Square, located in Southbank, Melbourne. The remaining 51% interest in YPC is held by PJ Development Holdings Bhd, a subsidiary of OSK Holdings Bhd, via its wholly-owned subsidiary in Australia, namely P.J. (A) Pty Ltd (PJA) and Equity & Property Investment Corp Pty Ltd (EPIC), which is 27.4% owned by PJA. Quotes in the article +0.62% The Melbourne property development befits EPF's long-term objectives and will be a good addition to our overseas portfolio. This is EPF's second development venture overseas after Battersea in London. The increasing demand for residential property in Melbourne will enable EPF to generate returns for its members," EPF chief executive officer Datuk Shahril Ridza Ridzuan said in the statement. OSK said Melbourne Square will mark its maiden foray into Melbourne, whose growing population and vibrant property market have received much interest from international developers in the recent years including several established Malaysian developers. The Melbourne Square development will transform a former car park bounded by the Westgate Freeway and Kavanagh, Balston and Power Streets in Southbank into a dynamic mixed-use community and retail centre, with an expected gross development value (GDV) of approximately A$2.8 billion.
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