Wee Hur acquires land in Brisbane for A$51.3 million
In December, Wee Hur acquired a 1.7 hectare plot of land in Brisbane for approximately A$51.3 million (approximately S$55.2 million) through its wholly-owned Australian subsidiary, Wee Hur (Buranda) Pty Ltd, marking the Group's first foray into property development in Australia. It will acquire an additional 2,194 square meters of land for A$5.2 million (approximately S$5.6 million) at a later date, bringing the total acquisition amount to A$56.5 million (approximately S$60.8 million) and the total land area to 1.91 hectares. The plot of land is located at Woolloongabba, suburb of Brisbane. The Group intends to use the land for a mixed-use development comprising residential, retail and office units. The development will be carried out in several phases and construction is expected to commence in the third quarter of 2015.