SINGAPORE (Sept 22): Hiap Hoe Limited, the property group, says 97% of the residential units in Marina Tower Melbourne in Australia have been sold to date, with total sales achieved of over A$256 million ($256 million).

Marina Tower Melbourne is a freehold waterfront development situated at 6-22 Pearl River Road, Docklands. The development comprises two residential towers, one 43-storey block and one 36-storey block with a total of 461 residential units. There is also a seven-storey hotel with 273 room keys operated by Starwood Hotels & Resorts Worldwide, Inc.

Hiap Hoe says piling and foundation works on the site have been substantially completed. Structural works for hotel tower have also been substantially completed up till level 1, inclusive of both the ground and the mezzanine floors. Structural works for the residential tower have started, with the ground level making good progress.

“On the whole, construction continues at a good pace with works proceeding well on site,” says the group.

Barring any unforeseen circumstances, Hiap Hoe expects its first hotel in Melbourne to start operation in 1Q 2017 while the residential units should be completed by 1Q 2018.

Hiap Hoe last traded at 73.5 cents.