Tong Eng could gain over $20 mil from sale of Melbourne development site

SINGAPORE (April 13): Tong Eng Group is said to be selling a development site in the Melbourne CBD at 111-125 A’Beckett Street for between A$60 million-A$80 million ($63 million-$84 million), according to an article published yesterday by The Australian Financial Review.

This suggests the Singapore-based property developer will be making at least A$22 million of profit from the sale, given that it paid just A$38 million for it in early 2015.   

While the 1,741 sq m site is presently occupied by a Harley-Davidson dealership, Tong Eng has a permit to build a 210-metre high tower, designed by Elenberg Fraser, on the site.

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