ByIan Sayson,
Forbes Staff.
Ho Bee Land—controlled by Singaporean billionaire Chua Thian Poh—is buying a property in Queensland for A$318.5 million ($220 million), doubling down its investments in Australia amid a housing boom Down Under.
The Singapore-based real estate company said in a statement that it can develop as many as 1,400 residential lots, along with a mix of 64 business and industrial properties, on the 181.4 hectare (1.8 million square meter) plot, located in the City of Moreton Bay, north of Greater Brisbane in Southeast Queensland.
Ho Bee Land said the site is part of a “key growth corridor” with direct access to the Bruce Highway—a major thoroughfare linking Brisbane to Cairns—and near established employment, residential and logistics precincts. The company’s shares gained 1.3% in Monday afternoon trading in Singapore.
