Mainboard-listed Thakral to invest up to up to $54 million in Brisbane property

SINGAPORE - Mainboard-listed Thakral Corp is investing up to up to A$46.2 million (S$53.7 million) in a Brisbane mixed-used project, said the firm on Monday.

The trading and property group said it has signed agreements with a private Australian developer to be a capital partner for the project.

The group has agreed to invest up to A$46.2 million in the project known as FV, which is about one kilometre from the Brisbane central business district and 150 metres from the Fortitude Valley Train Station.

The development in Fortitude Valley, Brisbane, will have up to 950 apartments and 5,500 square metres of retail space and car parking.

The first stage is likely to see two towers and details include 650 apartments, 2,200 sq m of retail space and more than 550 car park spaces.

The towers will be launched for sale in mid-June, and approval is expected within the next few weeks.

The second stage is expected to include include more retail space and about 300 apartments, and possibly serviced apartments.