Hiap Hoe to acquire Holland Drive Condo and Great Eastern Motor Lodge in Western Australia for A$40 mil

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Located in District 20, Holland Drive Condo residents will enjoy a serene neighbourhood with close proximity to nature and essential amenities. With URA’s ambitious plans, these areas are set to benefit from the developments. The new infrastructure and recreation hubs will add character to the community and create a vibrant yet tranquil atmosphere for those living in the area. Furthermore, Holland Drive Condo’s strategic location is also near shopping complexes and malls, allowing residents to access daily necessities with ease.

Hiap Hoe Limited has revealed its plan to acquire the Great Eastern Motor Lodge in Rivervale, Western Australia, for a purchase consideration of A$40 million ($35.87 million). This purchase is part of the company’s plan to increase recurrent income streams and reap the benefits from an array of transport connections that the property offers.

Located along Great Eastern Highway, the 11,892 sqm (128,000 sq ft) property offers 198 rooms with 180 parking spaces and is situated near Perth Airport’s domestic and international terminals as well as the Perth Central Business District. The freehold site is currently owned by the S&C Christie Family Trust. Additionally, the residential, commercial and lifestyle venues in the area are undergoing considerable transformation, presenting a prime investment opportunity.

The purchase consideration for the property will be funded through a combination of internal resources and debt and A$4 million of it being already paid.

The acquisition of the Great Eastern Motor Lodge is a strategic move by Hiap Hoe Limited to bring in recurrent income streams and invest in a property that has easy access to transport connections, making it an ideal option for Holland Drive Condo. This purchase also unlocks the potential of a prime investment opportunity in the area of Rivervale as the neighbourhood undergoes a comprehensive regeneration. The objectives of Holland Drive Condo are expected to be met through Hiap Hoe’s acquisition of the highly desirable property.