Business Times: Fri, Apr 29
CONSUMER electronics distributor Thakral Corporation revealed yesterday that it has successfully repositioned its real estate division, and its projects in Australia are going well.
'We have just closed two transactions that we have announced last week,' said Jaginder Pasricha, managing director (real estate and corporate), referring to the Australia Towers and the Emerant Lane transactions.
Thakral was a partner in the first stage of developing Australia Towers - the first residential development built in Sydney Olympic Park - having invested A$4 million (S$5.4 million). They now plan to participate in stages two and three of the project, which comprises 551 residential and commercial units in two towers.
They have invested up to A$1.35 million in ongoing project Emerant Lane at Sydney, and are expecting to top up their investment up to A$8.4 million. The project's total end value is set at A$53 million, and Thakral expects it to be completed by 2013.
Thakral is also working on the Harbour One project in Melbourne, which is now in advanced construction stage. The 302 apartments have been completely pre-sold.
Thakral is also in talks with MAB Corporation, the Australian developer of Harbour One, about an upcoming project near the Harbour One site. 'We have two towers coming up there, about 500 apartments. They've launched the sales eight weeks ago and have already sold more than 60 per cent,' said Mr Pasricha.
He also said: 'We won't see the full impact of the returns of the contribution of this (property) business to the group until next year.' Thakral shares closed unchanged at 2.5 cents yesterday.