Michael Mai believes the surge of Asian investment in Australian property has a long way to run.
Mr Mai's development company, ICD Property, is one of the new wave of Chinese dragons transforming Melbourne's property market.
Established five years ago, ICD now controls five development sites, ranging from the recently launched 632-apartment project Eq Tower in A'Beckett Street, to a 115-hectare house, land and commercial precinct in Geelong.
According to CBRE estimates, Chinese, Singaporean and Malaysian interests have invested $1.3 billion in CBD and city fringe development sites over the past two years.
Chinese developers snapped up the bulk of potential projects, taking 55 per cent of sites by value, far outweighing their counterparts and overshadowing Australian-based developers who took just 2 per cent, CBRE figures show.
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ICD's development model is a hybrid of Chinese capital and Australian expertise. Eq Tower will be project-managed by Sinclair Brook, designed by Elenberg Fraser and sold by Colliers International, said Mr Mai, who arrived in Australia in 1997 to study at Scotch College and Melbourne University.
Source : http://m.smh.com.au/business/chinas-property-dragons-are-just-warming-up-20140411-36gjl.html
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