(Nov 3): A Malaysian government-linked corporation has teamed up with an Australian entity to bid for the redevelopment of the 7-hectare Royal Adelaide Hospital (RAH) site into a mixed development, reported The Australian.

The four master developers shortlisted for the project are Investec Australia and Malaysia’s SP Setia Bhd Group, construction giant John Holland with parent group China Communications Construction Company in partnership with Adelaide-based Commercial & General, listed giant Lend Lease and tycoon Lang Walker’s property company.

The next step is to request proposals from the four to come up with schemes to transform the existing 275,000 sq m of buildings into a project that could rival elements of Sydney’s Barangaroo precinct, the report said.

The report described Malaysia’s SP Setia as being active in Melbourne and also a developer of scale in London, where it is part of a consortium redeveloping the famed Battersea Power Station.

The RAH site is said to be a key part of the wider Riverbank Precinct, which has seen US$4.7 billion (RM20.14 billion) worth of investment including a planned upgrade of the Festival Centre and Plaza, with other projects in the pipeline.

It was reported last month that SP Setia still had RM38 million unbilled sales from its RM1.4 billion Fulton Lane project in Australia, which will be recognised in the fourth quarter of its 2015 financial year.

Last month, Kenanga Research had also predicted lumpy recognitions from the completion of Phase One of the group's Battersea London project in 2016 with momentum having picked up from Phase Three of the project as evident in the circa 60% take-up rate. – The Malaysian Insider