Meriton Apartments Group will dole out nearly A$250 million to acquire an 11-hectare waterfront scheme in Sydney, beating out Chinese developer Country Garden Holdings Co. Ltd., The Australian reported.
The Australian company, owned by billionaire Harry Triguboff, purchased the Little Bay Cove site from Malaysia's TA Global Bhd., which secured masterplan development consent for the plot and conducted onsite civil works.
Meriton will take on a scheme that will yield an end value upwards of A$700 million upon completion, with luxury apartments and villas already underway, according to the Aug. 10 report.
TA Global started to develop the scheme in 2010, alongside joint venture partner Charter Hall Group, with the latter selling its 50% stake in the development in 2013 to the former.
Despite failing to clinch the Little Bay Cove development, Country Garden continues making its residential property foray Down Under, with a A$400 million deal for a 363-hectare plot in Melbourne struck earlier in July.
As of Aug. 9, US$1 was equivalent to A$1.27.