think it is going to be a Big HUAT for CES shareholders
A very smart move indeed as the bubble in Australia is getting a bit too big liao with the recent rate cut.
CES looks set to cross $1 mark soon ...
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Chip Eng Seng to flip major Melbourne residential site
Listed Singaporean developer Chip Eng Seng is selling a major Melbourne residential development site after winning approval for more than 1000 apartments last year.
It gained approval for the 78-level skyscraper in the final weeks before state planning minister Matthew Guy lost office in the November election.
Through its Australian subsidiary, the Singaporean developer acquired the 2927 square metre site, a corner parcel of the former CUB brewery on the northern edge of the CBD, from private developer Grocon two years ago for $32 million.
Grocon sold two other parcels, totalling more than 6000 sq m, on the brewery site for $60 million last year with planning approval in place.
Chip Eng Seng is looking to book an early profit by selling the property at 8 Bouverie Street, Carlton.
While Mr Guy pushed through approval for dozens of towers during his term, it is yet to be seen how the new Labor government will tackle sensitive CBD planning decisions.
Chip Eng Seng will hope that uncertainty and the approval it has in hand will add a premium to the project.
"It's rare to be able to buy a site of this magnitude that is ready to be developed," said Colliers International's Trent Hobart, who is handling the property with colleague Bryson Cameron. "The location is prime, the timing is right with almost no competition with other large scale projects in the Melbourne CBD, and the residential market is strong."
In approving the Chip Eng Seng development, Mr Guy brushed aside Town Hall's objection against the tower's casting of some shadow over the state library forecourt nearby.
Chip Eng Seng's parcel will be one of the largest approved projects to transact in central Melbourne since super fund developer ISPT sold The Age newspaper's former site, in Spencer Street, to Far East Consortium for $76 million in 2013.
In 2014, Lorenz Grollo doubled his money on a prize Collins Street site, which he sold to private developer Jeff Xu for $25 million.
Also in 2014, AXF Group's Richard Gu sold the Kinnears rope factory site in Melbourne's inner west that he had acquired for about $20 million to listed Chinese developer R&F Properties for $60 million. 
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