Frasers Centrepoint's Australian arm secures A$275m of new development projects

SINGAPORE - Listed property developer Frasers Centrepoint says its Australian arm has secured A$275 million (S$276 million) worth of new development projects Down Under over the past 12 months.

The company said the new projects comprise 210,900 sq m taking the total commercial and industrial portfolio to about A$2.4 billion.

The majority of the transactions were secured in Sydney and Melbourne with the remainder in Adelaide and Brisbane.

Mr Reini Otter, executive general manager commercial and Industrial for Frasers Property Australia (Frasers Property) said: "The past year has been a phenomenal success for the industrial and commercial business. Frasers Property's ongoing release of land banks and integrated development model which offers a variety of property solutions has helped the business achieve these solid results.

"The strong performance of the housing markets in both Sydney and Melbourne over the past 12 months has helped increase demand in these cities for consumer goods, well-located distribution centres and storage space. Customers working in this space are increasingly seeking facilities in shorter timeframes which we have been able to deliver."

Major pre-lease deals that have been secured within the last 12 months include Toshiba, Fisher and Paykel, Australian Geographic and Miele.

"Within the next 12 months the commercial and industrial business has a strong development pipeline of 280,000 sq m to deliver assets valued at over A$400 million. Frasers Property is also looking to restock in its three main markets - Sydney, Melbourne and Brisbane," he said.