Far East Organization buys two commercial plots in Australia

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.