Singapore-listed Ho Bee Land has bought a A$318.5m (€185.6m) mixed-use development site in northeastern Australia from Goldfields Property Development.
The 181.36ha Elimah landholding master-planned development site is located within the City of Moreton Bay in one of Southeast Queensland’s key growth corridors.
Ho Bee Land’s local subsidiary, HB Land, is expected to allocate around 50ha of the site for subdividing into 64 mixed business and industrial lots, and the balance will be turned into approximately 1,400 residential blocks.
Ho Bee Land said the acquisition would be financed by the group’s internal funds and bank borrowings.
The Singapore investor has been expanding its operations since it first entered the market in 2012, building its first apartment block on the Gold Coast in Queensland.
Last year Ho Bee Land acquired five residential development sites in Australia for A$96.6m – three of the sites are in Queensland and the remaining two sites are in Victoria. It also attempted to take over the listed AVJennings, a building company, but lost the bid to Proprium Capital Partners.
Apart from Australia, Ho Bee Land has a substantial commercial portfolio in the UK, including the skyscraper, The Scapel, bought in 2022 for £718m (€827m).
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