Jalin targets locals to buy 10pc of 888 Collins St

By BUSINESS TIMES
KUALA LUMPUR: Jalin Realty International Pte Ltd is targeting Malay-sians to purchase at least 10 per cent of the apartment units of 888 Collins St in Melbourne — a project it is marketing for Australian property developer Lend Lease.
For now, 888 Collins St has achieved a 69 per cent take-up rate and Jalin is confident Malaysian buyers will contribute to 10 per cent of the sales, said chief executive officer Ian Chen.
With an estimated gross development value of A$360 million (RM1 billion), 888 Collins St is made up of two towers of high-end apartments with 443 and 135 units, known as the East tower and West tower, respectively.
The East tower units have built-up areas ranging from 50 sq ft to 1,000 sq ft and priced from A$398,000 to A$1.6 million each.
According to Lend Lease Victoria Apartments Developments state manager Ben Coughlan, the project is slated to commence by November and due to be completed by 2017.
“We are looking at 10 per cent take-up rate for East tower from Malaysian buyers by September and we hope all units will be sold out by year-end,” Coughlan said at a media preview of the 888 Collins St, here, last week.
The West tower is expected to be launched next month, he added.
Chen said most of the Malaysians who buy properties in Australia do so for investment. Some buy for their children who are there to further their studies.
He said the returns are very good and command a yield of between four and five per cent a year.
Designed by internationally acclaimed architects Woods Bagot, 888 Collins St offers sweeping views of Victoria Harbour, Melbourne’s central business district, the Bolte Bridge and Port Philip Bay.
Coughlan said 888 Collins St is an unparalleled and unsurpassed development for Melbourne that has something for everyone.
“888 Collins St offers the best of both worlds as it is built on the corner where two of Melbourne’s most iconic and busy streets meet — Bourke and Collins Streets,” he said.
Jalin, a company set up by Chen’s father in Malaysia 30 years ago, specialises in promoting Australian properties, mainly in Melbourne and Sydney, to buyers in countries like China, Indonesia, Singapore, Brunei and Malaysia.