Bank of China contributes to a $350 million AUD syndicated loan for the Melbourne Square (MSQ) Phase 1 Project (Linked to Record ID#99472)

Project narrative

In or prior to 2018, a syndicate of four banks — the Bank of China (BOC), the Industrial and Commercial Bank of China (ICBC), Maybank Investment Bank Berhad, and Standard Chartered Bank — entered into a $350 million AUD syndicated loan facility agreement with OSK Property Holdings Bhd. — a Malaysian property developer part of the OSK Holdings Berhad conglomerate — for the Melbourne Square (MSQ) Phase 1 Project. Record ID#99471 captures BOC's contribution. Record ID#99472 captures ICBC's contribution. The proceeds of this loan were to be used by the borrower to support the first (residential) stage of a $2.8 billion AUD mixed-used development located on a 2.2 hectare site although Kavanagh Street in Southbank, Melbourne, Victoria, which sought to construct two high-rise residential towers, 54-floor and 184.3-meter tall West Tower and 69-floor and 236.7-meter tall East Tower, respectively, containing 1054 apartments and a 6,200 square meter retail podium, a 87-place child care center, and associated infrastructure including a 3,700 square meter urban park. The entire development was planned to have six towers, including a hotel and serviced apartment tower, a commercial office building, Woolworth's first full-line supermarket in Southbank, with 2,600 total apartments. The towers included an outdoor pool and wading pool with a sun terrace and cabana lodges, a sauna, yoga studio, music, gyms, golf simulator, cinema, private dining area, kitchen facilities, other communal cases, indoor pool and spa, and reading lounge. Phase One of MSQ had a total gross development value (GDV) of approximately $960.0 million AUD as of December 31, 2020. Melbourne Square was developed by Yarra Park City Pty. Ltd. (YPC), a special purpose vehicle (SPV) and joint venture between OSK Group and the Employees' Provident Fund (EPF). OSK purchased the site in June 2014 for $145 million AUD. Multiplex was contracted to construct Phase 1 of MSQ. Cox Architecture and Carr Design each provided design and architectural services for the project. Taylor Cullity Lethlean (TCL) was responsible for the design of the park. KONE won a contract to provide elevators and escalators for the project. Multiplex awarded a subcontract to Yuanda Australia to design and build the unique pleated façade of the first two towers. Hub Furniture provided furniture and lighting for the residencies and Kohler provided fixtures and fittings for the residencies. Aurecon Group provided engineering services, such as mechanical, electrical, hydraulic, acoustics, audio visual, information communications technology, pool, vertical transportation, environmentally friendly design, fire protection, and fire engineering services. Construction began in November 2017. The official sod-turning ceremony was held on March 22, 2018. The project was officially completed in April 2021.