Hong Kong developer Far East Consortium focuses on Australia, Singapore and UK markets
Chairman David Chiu Tak-cheong says land prices are too high in Hong Kong and the mainland – but he’s certainly not turning his back on either markets
Faced with rising competition at home, Hong Kong developer Far East Consortium International has accelerated its investment in Australia and the United Kingdom, says chairman David Chiu Tak-cheong, who sees a diversified international strategy as key to the business’s long-term success.
“I am optimistic about Australia. The country has relatively soft immigration policies and we have seen a sharp increase in Chinese buying properties there,” said Chiu.
The company’s landmark West Side Place project in Melbourne’s largest CBD residential development sold more than half its units within three weeks of the first batch being launched in June.
The developer has been investing in the city for more than 20 years and is expanding its footprint in the rest of the country too, including in Sydney, Brisbane, the Gold Coast and Perth.
In August, Far East landed the contract to own a key section of the Western Australia Government’s Perth City Link urban renewal project, and local media reported it plans to spend A$219 million (US$166.8m) building apartments and a hotel in the area.
“The entire Australian market is very important to us, given its two per cent annual growth in population,” added Chris Hoong, the company’s managing director.