CapitaLand and Australand in A$300m redevelopment deal

Thursday, June 11, 2009

Through a joint venture with Australian property group, St Hilliers, Australand will be embarking on a A$300m (S$347.3m) public housing redevelopment project in Carlton, Victoria, that spans 7.5 hectares across three sites. The project will involve replacing 192 old walk-up flats with over 240 public and social housing apartments and 500 inner city residential homes. Marketing of the homes will begin in mid-August, and prices will start from high A$200,000, and the project is expected to bring in sales of over A$300m.

The redevelopment project will be delivered in seven stages over the next eight years to enable the consortium to re-use capital as stages are completed, to enhance capital efficiency. Construction is scheduled to start in November and the redevelopment project should be ready in 2017. The impact on Australand's share price is about two Australian cents a share. The impact on CapitaLand's RNAV and target price is minimal.

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