Global backing

Set to become its own mini-suburb within a suburb, the six-tower Melbourne Square project at Kavanagh St received backing from a large global investor last month.

One of the largest pension funds in Malaysia, the Employees Provident Fund (EPF), purchased a 49 per cent stake in developer OSK Property’s giant project for $154 million.

It’s just EPF’s second international investment into a greenfield development project following the redevelopment of London’s iconic Battersea Power Station.

Stage one of the project, which will deliver a dynamic public realm that includes a park, retail, supermarket and childcare centre, will start this year.