CityDev re-enters Australian residential business with $281m project in Brisbane

It’s strengthening its overseas reach.

City Developments Limited tries the water once more in Australia’s residential sector, this time developing a prime residential land site in Brisbane’s South Bank precinct.

According to a statement by CityDev, the project is situated on a 2,733 square metres (sqm) freehold site and will be developed into two 30-storey towers, accommodating a total of 472 apartments with gross development value of around A$275 million.

“The convenient location offers excellent connectivity to Brisbane’s CBD and the future Queens Wharf integrated resort. The site also enjoys close proximity to the South Brisbane Train Station and major universities such as the University of Queensland, Queensland University of Technology and Southbank Institute of Technology,” the statement said.

Meanwhile, Kwek Leng Beng, executive chairman of CDL, says the re-entry is in line with CDL’s overseas expansion strategy, announced two years ago to supplement its Singapore operations.

“Brisbane’s residential market remains highly attractive due to its affordability when compared to other major cities in Australia. Both domestic and international buyers are looking to

Brisbane for greater value and higher yield. We are delighted to partner two experienced developers with excellent track records,” he said.