Singapore-listed Ho Bee Land has acquired five residential development sites in Australia for around A$96.6m (€55m).
The sites in Queensland and Melbourne are earmarked for a master planned community, and they will be subdivided into 1079 residential lots on a combined land area of just under 75 hectares.
Ho Bee Land said the projects would be financed by the group’s internal funds and bank borrowings.
Ho Bee Land established its Australian presence in 2019 and began acquiring local property under the HB Land brand, spending A$142m on two projects.
The Singaporean developer has long sought to expand in Australia, but last year failed to acquire Australian company AV Jennings, which was ultimately privatised in a A$375m buyout by Proprium Capital Partners.
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