The firm hopes to undertake a mixed development on the plot in Melbourne, and could use newsletter printing in Prahran when its work is in motion.
One aim of the project is to exploit the various hubs that make the CBD attractive and productive. Educational, commercial and cultural needs are addressed in the district under discussion.
Datuk Khor Jap Chen, the Chief Executive and President of SP Setia, made a statement about the new plan, saying:
“This development will boast a combination of multi-level retail, prime A-grade office space and luxurious apartment towers and will set a new precedent for premiere developments across Melbourne and revolutionise its urban landscapes.”
The proposal will combine residential and retail aspects. Two towers could accommodate about 800 units for residential purposes, while a podium for retail may help to meet the demand for local shops in the area. The plans are due to be acted on in the course of 2017. At present, SP Setia seemingly has an interest in a land bank and several projects that are ongoing.
SP Setia has embarked on activity within Melbourne in the past. Condominium initiatives have been completed in Fulton Lane and Parque, and the business has further aspirations in the city. Suburbs like Prahran and Carnegie may be used as locations for niche developments.