KUALA LUMPUR: A Malaysian expatriate is undertaking a massive A$88 billion development in Australia and is now in search for a partner.
Maha Sinnathamby, who is Springfield City Group chairman, has appointed investment bank Moelis Australia to lead the global search for a partner to accelerate growth of the A$88 billion Greater Springfield development.
Greater Springfield borders Brisbane in one of Australia’s fastest-growing growth corridors, 25 kilometre from the Central Business District (CBD), and is the nation’s largest master-planned city.
Legislation to allow planning approval for Greater Springfield was passed unanimously by the Queensland Parliament in 1997 and the city is now home to 43,000 residents, with the population projected to grow to more than 115,000 residents by the year 2036.
Statutory approval for 2.69 million square metres of mixed-use gross floor area is in place, making it Australia’s largest master planned city, and one of only a few privately-owned cities in the world.
Springfield City said it had already partners with global giants like Brookfield and R&F Properties on individual projects, but this was the first time that it had sought a partner at this scale.
Greater Springfield was founded in 1992 by Sinnathamby.
Around 25 per cent of the development has been completed so far, much of it through long-term partnerships with Australian property groups Lendlease, Aveo (recently-acquired by Brookfield) and Chinese property giant R&F Group.
The company said A$18 billion had been invested into the project so far, with a further A$70 billion expected to be required to fully realise the master plan.
Sinnathamby said the group was seeking a partner, or consortia of partners, who were committed to working with Springfield City Group to fast track the growth of the city’s economy and build even greater amenity for its people and the city.
“This is an invitation for the market to get involved in a unique project, recognised by Prime Minister Malcolm Turnbull as nation-building.
“The cornerstones are already in place: the transport links are built; there are eleven schools, a university and a hospital – the hard work has been done,” he said in a statement.
“We are looking for a partner, or partners, who want to work with us to realise our vision of building Australia’s most futuristic city, built on the pillars of health, education and technology, with an aspiration for one job for every three residents,” he added.