Residential developer Piety Investments secured a A$100 million investment from Crestmount Capital, The Australian Financial Review reported.

Crestmount, which is run by Prince Khaled bin Alwaleed bin Talal of the Saudi Arabian royal family, will invest in One the Waterfront, the Sydney-based Wentworth Point development that Piety and Malaysia-based TH Properties are working on.

The development is slated to include 450 apartments, including a 140-apartment project in Lidcombe, a 100-unit project in Rockdale and a future site in St Leonards in Sydney's lower north shore. The St Leonards project forms part of wider plans that have garnered interest from Country Garden Holdings Co. Ltd., Poly and Greaton, among other firms, the report noted.

As of March 27, US$1 was equivalent to A$1.31.