KUALA LUMPUR, Oct 19 (Bernama) -- TA Global Bhd has entered into a 50:50 development sponsorship agreement with Sydney-based property funds management and development company Charter Hall Group for the development of the A$600 million Little Bay residential project in Sydney, Australia. (A$1=RM3.070)

The project on a 13.6-hectare site was acquired by Charter Hall's Opportunity Fund No.5 (CHOF5) in early 2008 and is anticipated to include over 500 dwellings, comprising houses, townhouses and apartments.

TA Global through its wholly-owned Australian subsidiary will assume an active joint development management role for the project and the transaction is subject to a number of conditions including Foreign Investment Review Board approval.

In a statement Tuesday, TA Global Executive Chairman Datuk Tony Tiah said the group had been looking to expand its presence in the Australian market for sometime and the Little Bay development presented a highly attractive opportunity to enter into alliance with one of Australia's leading property fund managers.

"We are excited to be working with Charter Hall on such a desirable lifestyle project in one of Sydney's sought after residential areas," he added.

Charter Halls Joint Managing Director David Southon said the company was delighted to be working with TA Global, one of Malaysia's leading property developers and owners, to develop one of Sydney's last remaining prime coastal development opportunities.

Stage 1 of the project is scheduled to commence in late 2010 and involves remediation, bulk earthworks, services infrastructure and landscaping.

The Little Bay project, expected to be completed in four to five years, will aim to set a new benchmark for architectural design and integrated masterplanning, for coastal communities and developments in Australia.

-- BERNAMA

Source : Bernama