Charter Hall Group (ASX:CHC) has entered into an equal partnership with TA Global Berhad for the development of the $600 million Little Bay residential project in New South Wales.
TA Global Berhad is Malaysian-listed property developer and owner. A subsidiary of TA Global Berhad will join with Charter Hall to jointly manage the project.
Charter Hall's Opportunity Fund No. 5 acquired the Little Bay project in 2008 which is located in 14 kilometres from Sydney's CBD and includes 500 dwellings such as houses, townhouses and apartments.
Charter Hall's joint managing director David Southon says the alliance highlights growing interest from international investors, adding that the group is looking forward to developing one of Sydney's last remaining prime coastal development opportunities.
Charter Hall Group recorded a $10.2 million loss in the year to 30 June 2010.
CHC Price at posting:
$2.30 Sentiment: None Disclosure: Held
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