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There is currently an existing building located on the site, which is a converted warehouse commercial office building that was constructed in the 1950s. "Salcon Australia is currently in the initial stages of development planning and is unable to ascertain the expected development cost required for the proposed development at this juncture," said Salcon. EWI's other wholly-owned subsidiary Eco World Sydney Development Pty Ltd will be appointed as the development manager for the project, thus generating a new fee-based income stream for the EWI group. Melbourne is a market which we are very familiar with and also a preferred investment destination for many of our Malaysian and regional customers, said EWI president and chief executive officer Datuk Teow Leong Seng in a separate statement today. Yarra One will have all the distinctive hallmarks of an EcoWorld International development great location, superb connectivity and access to wide-ranging amenities nearby to complement the unique selling points we will be incorporating into the project to appeal to our target customer base of local and international purchasers. It is indeed a fitting addition to our current portfolio of projects which include London City Island, Embassy Gardens and Wardian London in the UK and West Village in Parramatta, Sydney, Teow said. EWI said the proposed development is located in South Yarra, one of the most popular upmarket residential suburbs of Victoria, and is strategically positioned within close proximity to Chapel Street and Toorak Road. It added that the proposed acquisition will enable it to increase its development pipeline and also break into a new target market by extending its geographic footprint thus broadening its product range to cater to a wider customer base. "This is consistent with the EWI groups strategy to seek good opportunities in mature international markets for growth, in line with its ambitions to become a prominent global property player," it said. EWIs existing four projects have a total GDV of RM12.96 billion.
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