Far East Organization is buying two prime commercial properties in Australia, it announced today.

It has inked conditional contracts to purchase the Clocktower Square complex in Sydney for A$72 million (S$85.4 million) and the Harbour Town centre in Perth for A$205 million as part of its growth and diversification strategy.

The company noted in a statement that it views Australia as an "attractive property investment market driven by a stable economy and well-regulated business environment".

Both deals were brokered by Jones Lang LaSalle.

The Clocktower Square complex is a mixed-use development including a two-level mall, a six- storey commercial office tower and the 61-room boutique Rendezvous Stafford Hotel.

The complex is located near the Harbour Bridge, the Opera House and Sydney's central business district.

The property has a site area of 38,739 sq ft, and a 99-year lease ending in March 2088.