Pursuits
Asians on Record Building Spree in Australia’s Apartment Market
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Asian developers including Fraser & Neave Ltd. and SP Setia Bhd. are building a record number of apartments in Australia, betting on a market where local companies have been sidelined by tight financing.
Frasers Property Australia, a division of Singapore’s third-biggest developer, is building a A$2 billion ($2.1 billion), 2,000-unit project in Sydney with Japan’s Sekisui House Ltd. In Melbourne, Malaysia’s SP Setia is constructing the two-tower Fulton Lane development and Hong Kong-based Far East Consortium International Ltd. is building the 2,600 apartment Upper West Side complex.