Malaysian Developer Plans $300m Tower

The Melbourne apartment market has attracted another foreign developer with Malaysia's Asia One joining others such as

Far East Consortium in the residential boom.

The Australian reported that Asia One is planning a $300 million residential and hotel development at the Paris end of the Melbourne CBD.

Asia One purchased the 14-storey building for about $30 million in an off-market deal in March.

The 849 square metre site, known as Citicorp House was owned by the Suleman family.

Asia One has reportedly filed plans on the 63 Exhibition Street site to build a 67-storey tower.

The development will comprise 328 apartments, 225 hotel rooms, car park with 20 spaces, with a total gross floor area that will span more then 40,000 square metres.

Asia One was established by Malaysian developer Ben Hing Ng and his family together with fellow countryman Roger Lim Swee Kiat, also an experienced developer.

The development marks Asia One's first Australian project.