An Australian hotel company has joined forces with a Singapore real estate group to develop two luxury properties in Melbourne.
Starwood Hotels & Resorts will work with Hiap Hoe to create accommodation in Docklands and a development on Lonsdale Street.
The Docklands venture will offer more than 300 rooms in a 17-storey tower, while the Lonsdale building will include 350 beds alongside 658 apartments.
Hiap Hoe's presence is Australia reflects the growing trend amongst Singapore and Malaysian developers to acquire land in central areas of the country's major cities.
According to CBRE, developers from the two counties accounted for 69 per cent of international transactions in Melbourne during 2013.
Operating for around three decades, Hiap Hoe has developed a number of large residential and commercial properties in Singapore. In 2013, the group entered the Australian market with the acquisition of three investments in Melbourne - 6-22 Pearl River Road, 380 Lonsdale Street and 206 Bourke Street.
Posted by Ravin Chatlani.