Hiap Hoe sells its stake in Lonsdale Street tower

Hiap Hoe sells its stake in Lonsdale Street towerMelbourne-based Brady Property Group will take full control of the $0 million apartment development at 380 Lonsdale Street, after buying out its Singapore-listed project partner for $60 million.It has been reported that Hiap Hoe has divested its share of the project to Brady Property Group, and plans for a joint venture have been annulled.The Melbourne-based private developer had only joined Hiap Hoe as a minority partner on the hotel and apartment project in January.The 3165 sqm site, now a seven-level carpark, was purchased by Hiap Hoe in 2013 for $43.8 million. It has development approval for two towers, of 52 and 68 levels, featuring 616 residential units, 112 premium apartments and a 312-room hotel.Hiap Hoe, which has developed luxury and mid-tier residential and mixed-use properties in Singapore for three decades, embarked on a strategic expansion in 2013, acquiring 206 Bourke Street and 380 Lonsdale Street, and 6-22 Pearl River Road at Melbourne’s Docklands. The company had plans to redevelop these properties to expand its hospitality business. In 2014, the Group acquired the A-grade commercial building at 13 Stirling Street in Perth.This latest move signals a shift in Hiap Hoe’s strategy. In November it sold off its retail and office complex on Bourke Street to ISPT for $118.3m.Brady’s current projects include the 72-level Vision apartments at 0 Elizabeth Street in Melbourne.