Burwill to buy more property in Australia
BURWILL Holdings plans to expand its real estate investments in Sydney by paying about $75 million to develop two property projects there.
The vice-chairman of the property and metal group, Ulrich Hoffman, said the company was increasing its real estate operations in the country because of optimistic long-term prospects in Australia's real estate market.
He said the company paid $25 million for the acquisition of a 2.22 hectare site and a building for redevelopment in north Sydney.
It had already applied for development approval from the Australian Local Government Council.
Burwill is planning to build two residential projects on the sites with a total investment of $75 million.
'We are also considering other investment opportunities in the region,' Mr Hoffman said.
'We believe we will get a satisfactory return from these two investments based on our investigation and judging from the favourable response we have seen so far in the Australian property market.' Burwill diversified into the Australian property market in 1992.
Mr Hoffman said total revenue achieved from the company's property investments in Australia over the years amounted $280 million.
The company was also investing in Hong Kong real estate.
The Hong Kong portfolio for property investments included the Lippo Sun Plaza, retail premises in Tsim Sha Tsui and the Pacific Horizon luxury residential flats in Tai Tam Bay on Hong Kong Island.
All flats at Pacific Horizon had been sold.
Mr Hoffman said the Daily House property and about 120,000 square feet of land in Fanling, in the New Territories, for warehousing purposes, were being kept for long-term investment returns.