Wee Hur buys land in Brisbane for $55.2m for mixed-used development

SINGAPORE - Construction-based Wee Hur Holdings has acquired a plot of land in Brisbane for some A$51.3 million (S$55.2 million) through its wholly-owned Australian subsidiary, Wee Hur (Buranda), marking its first foray into property development in Australia.

To complete the land acquisition, the group will need to acquire an additional 2,194 sq m of land for A$5.2 million, bringing the total acquisition amount to A$56.5 million and the total land area to 1.91 hectares.

This future acquisition is part of the intended development under the preliminary development approval, the mainboard-listed company said in a statement on Dec 25.

The plot of land is located at Buranda locality of Woolloongabba, a suburb about 3km south-east of the central business district of Brisbane, the capital city of the state of Queensland, Australia.

The Woolloongabba suburb is home to the Brisbane Cricket Ground, the stadium "Gabba" and Princess Alexandra Hospital, which is one of the major renowned hospitals in Brisbane and a teaching hospital of the University of Queensland.

Wee Hur intends to use the land for a mixed-use development comprising residential, retail and office units.

The land was acquired from an unrelated and independent party.

Wee Hur intends to fund this acquisition by internal resources.

The development will be carried out several phases and construction is expected to commence in the third quarter of 2015.