Haig St snapped up

One of the last key remaining Southbank sites at 65-71 Haig St was purchased by a Malaysian developer last month.

Developer Hattan Land has purchased the site, which is currently partly home to Southbank’s Backlot Studios cinema, for a reported sum of $15.8 million.

The site’s previous owner Sunvale Development had received planning approval for a 55 storey (170-metre high) residential tower, comprising 361 units.

In a statement last month, Hatten Land said it intended to develop a mixed-use development on the land, which may comprise retail and hospitality.

Hatten Land executive chairman and managing director Datuk Colin Tan said the proposed investment marked Hatten’s first foray into the Australian real estate market.

“We observed that Melbourne has been an increasingly popular overseas property destination for high net-worth Singaporeans and Malaysians who favour the city for its good yield, liquid markets and promising prospects for rental yield,” he said.

“Melbourne is one of the top destinations in the world for business, vacations, multi-home ownerships and education. Therefore, we are optimistic on the prospects of the market demand for this mixed development project, which comprise a diverse range of property offerings including offices, retail and residential units,” Mr Tan said.