SINGAPORE - Frasers Centrepoint Ltd (FCL) said on Monday (Aug 31) that diversified property group Australand, which it acquired almost a year ago, has been renamed Frasers Property Australia and will adopt the international Frasers Property brand.
The re-branding marks the completion of the integration of Australand with FCL's existing Australia business, Frasers Property Australia.
Said Fraser Property chief executive officer Rod Fehring: "Operating under a single brand allows us to leverage the scale and reach of the residential business in Australia. Together, our scale, and breadth of design expertise and experience across a diverse range of markets, broadens our market reach and creates opportunities for us to develop supplementary asset classes and build alignment with FCL's REIT platform."
Mr Fehring, who succeeded Mr Bob Johnston as CEO earlier this month, had recently announced a new senior management team drawn entirely from senior staff within the organisation.
Mr Fehring also said that the Australian business is trading very strongly, with 167,500 square metres of commercial and industrial space under development, a portfolio of investment properties valued at A$2.7 billion (S$2,72 billion), and unrecognised residential revenue of A$1.5 billion.
Last week the company won the tender for the Edmondson Park Town Centre in Sydney. This is the second major residential site secured since Australand was acquired by FCL in late 2014, contributing to a forward land bank of 15,330 units.