KUALA LUMPUR: Springfield City Group (SCG), founded by Malaysian-born Australian property icon Maha Sinnathamby, has launched a global strategic initiative to accelerate the completion of the Springfield CDB (Central Business District) that is expected to attract interest from Australia’s major developers and the world’s largest development firms.
SCG, the developer of Greater Springfield in Queensland, the first and only master planned city in Australia since Canberra, said the development, known as the Knowledge Precint would have an expected future value of more than A$15 billion.
In a statement sent to Bernama, SCG said the Precint has 1.22 million square metres of commercial space and 5,340 apartments anchored around Springfield’s three major pillars for future economic success -- health, education and technology.
“This initiative will turbo charge the development of Springfield CDB. This project represents a unique opportunity to join us in creating a legacy. Completion of a futuristic city will have a real, positive impact on economic growth and job creation in South East Queensland,” said Sinnathamby, who was born in Rantau, Negeri Sembilan, and now listed as one of Australia’s richest men.
His business partner, Bob Sharpless, who is SCG deputy chairman, said in the statement that Springfield was currently only 25 per cent developed but with well-established infrastructure, including highways and rail stations, was well on the way to becoming an economic centre for South East Queensland.
Sharing a common boundary with Brisbane, Springfield, which is now home to 46,000 residents, is on track to become Brisbane’s second CDB, with more than A$18 billion invested into the project so far and with end value of A$88 billion once completed.
The statement said SCG Springfield was expected to experience exponential growth over the next 15 years with the population expected to triple to 115,000 by 2036.
With a 29-year track record, the award-winning SCG has also received unanimous legislative backing from Queensland Parliament while Springfield, recognised as a unique project on the world scale, is set to become among Australia’s fastest growing cities.
“SCG will commence initial discussions with interested parties in the coming weeks. An outcome and preferred partner will be announced in the coming months,” the statement added.
Meanwhile, Sinnathamby told Bernama over telephone from Queensland that keen interest on investment in the development was expected to come mainly from Singapore and Hong Kong. - BERNAMA
