Malaysian sells Little Bay site for $107m premium

MALAYSIA’S TA Global has offloaded a 135,961.6 sqm residential development site at Little Bay for $245 million - a $107 million premium to book value as at June 30 2017.

TA Global has sold the Little Bay Cove development at 1406-1408 Anzac Parade Little Bay to apartment king Harry Triguboff’s Meriton.

The property is subdivided into seven development lots, 10 house lots, park and roads. Out of the seven development lots, one development lot is pending further subdivision into four development lots and 18 house lots, park and roads.

The Malaysian group acquired the lots between October 2010 and August 2014 for a total of $112.95 million.

The site is bound by The Coast Golf Club and Pacific Ocean to the east, Anzac Parade to the west, residential housing to the north and the Prince Henry Estate to the south.

TA Global said Triguboff’s offer was too good to refuse and it expects to pocket $102 million after costs, before tax.

To date, the company has developed or developing:

-        House lot 16 measuring 432.0 sqm and House lot 17 measuring 583.1 sqm, which have been sold

-        In August 2015, the company launched Illume, a development of 179 units of high-end apartments situated on development lot 6 and construction works have commenced in November 2016

-        In July 2016, the company completed and sold a total of 45-units of high-end apartment in Solis.

“The proposed disposal also provides an avenue for TA Global to raise funds for on-going property development projects, acquisition of properties/assets/businesses and repayment of bank borrowings,” the group said.

Australian Property Journal