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Catalist-listed developer to buy Melbourne land for $16.3 million

Published on Aug 19, 2014 9:44 PM

SINGAPORE - Catalist-listed commercial and industrial developer Figtree Holdings has inked a deal to buy a freehold property in Melbourne, Australia, it told the Singapore Exchange on Tueday.

The purchase price of close to A$14 million, or around $16.3 million, factors in the property's redevelopment potential and location, it said.

The site has an existing three-storey building and is being sold by Mr George Yankos, Mr Antigone Yankos and Mr Lambros Yankos.

Figtree said it intends to develop the freehold land parcel into a high-rise mixed development.

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