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01-10-2014, 10:33 PM
Brunei prince Abdul Qawi dips into Melbourne market
THE AUSTRALIAN OCTOBER 02, 2014 12:00AM
Sarah Danckert
Property Reporter
Melbourne
A high-flying Brunei prince has landed in Melbourne’s property market and is eyeing a massive residential, hotel or mixed use development in the CBD on a site that currently houses Victoria University’s city campus.
Prince Abdul Qawi, who is eighth in line to the throne in Brunei, yesterday took over the reins of a Singapore listed company that announced it had purchased the Flinders Street office tower.
KLW Holdings, which counts Prince Qawi as its second-largest shareholder, revealed it had paid $23.6 million for the property.
Its announcement on the Singapore Exchange noted the potential of the building for conversion into “high-density residential, commercial, retail and/or hotel uses”.
The seven-storey building is fully occupied by Victoria University, whose lease expires in 2020.
The building sits on an 895sq m plot and runs between Flinders Street and popular retail strip Flinders Lane.
“This quality asset will provide immediate cash flow and returns for the group as a mid-term investment with great potential for capital appreciation while having the potential opportunity for future redevelopment,” KLW executive chairman Prince Qawi said.
“Lately, the influx of offshore property investments into the world’s most liveable city, Melbourne, has given us a good chance to enter this vibrant market that has the fastest population growth in Australia,” he said.
Prince Qawi, nephew of the Sultan of Brunei, hinted at further purchases in Australia, saying the group would continue to look for “quality investment opportunities”.
The Brunei royal family, which Forbes has estimated has a fortune of $20 billion, has extensive property holdings, including hotels in Paris, London and Los Angeles.
THE AUSTRALIAN OCTOBER 02, 2014 12:00AM
Sarah Danckert
Property Reporter
Melbourne
A high-flying Brunei prince has landed in Melbourne’s property market and is eyeing a massive residential, hotel or mixed use development in the CBD on a site that currently houses Victoria University’s city campus.
Prince Abdul Qawi, who is eighth in line to the throne in Brunei, yesterday took over the reins of a Singapore listed company that announced it had purchased the Flinders Street office tower.
KLW Holdings, which counts Prince Qawi as its second-largest shareholder, revealed it had paid $23.6 million for the property.
Its announcement on the Singapore Exchange noted the potential of the building for conversion into “high-density residential, commercial, retail and/or hotel uses”.
The seven-storey building is fully occupied by Victoria University, whose lease expires in 2020.
The building sits on an 895sq m plot and runs between Flinders Street and popular retail strip Flinders Lane.
“This quality asset will provide immediate cash flow and returns for the group as a mid-term investment with great potential for capital appreciation while having the potential opportunity for future redevelopment,” KLW executive chairman Prince Qawi said.
“Lately, the influx of offshore property investments into the world’s most liveable city, Melbourne, has given us a good chance to enter this vibrant market that has the fastest population growth in Australia,” he said.
Prince Qawi, nephew of the Sultan of Brunei, hinted at further purchases in Australia, saying the group would continue to look for “quality investment opportunities”.
The Brunei royal family, which Forbes has estimated has a fortune of $20 billion, has extensive property holdings, including hotels in Paris, London and Los Angeles.