Local, Foreign Firms Sought To Participate In Brisbane's Springfield Project

PETALING JAYA, May 30 (Bernama) -- Malaysian-born entrepreneur Maha Sinnathamby, who is now in the midst of building Australia's biggest new city, Greater Springfield, has called on local and global companies to look into its development, particularly in the information technology (IT) hub. "To this end, we have an IT hub where we have our own TIER 3 US$270 million (US$1 = RM3.66) data centre, which is equivalent in security to the Australia's Department of Defence. "Our IT hub has a long way to go and we are encouraging IT companies around the world to take a position in what we are doing - something you may have an interest in," Maha, who is also Springfield Land Corp Chairman, said. He said there were great opportunities and profitability by developing a community through serious master planning to support the challenges of urbanisation. When properly delivered, it would enhance human and social capital, apart from creating a better-valued society, he said at the 66th International Real Estate Federation Congress (FIABCI) here today. The founder of the new city located west of Brisbane originally master-planned a local healthcare as a way of attracting people to his future city. He bought a 2,860ha parcel of abandoned forest for US$7 million and turned it into a multi-billion dollar venture. It was reported that the total development value of the city would be about US$400 million over its decade-long lifespan and estimated cost on completion approximately US$85 billion. Speaking at a press conference later, Maha said the project is now 15 or 16 per cent completed with investments pumped in so far amounted to US$11.7 billion and it is moving over US$600 million per year. Springfield Land Corp has partnered major corporations like General Electric, Lendlease and universities and major hospitals to build infrastructure, including railway tracks, roads, hospitals, and media precincts. "Greater Springfield will ultimately attract over US$85 billion in investments. You may want to be part of this," he added. Maha was a guest speaker on the subject of urbanisation at the three-day event which kicked off today. Themed 'Urbanisation: Perils or Prosperity', the event gathers about one thousand delegates from all over the world to discuss how sustainable cities could cope with the stress of urban living. Malaysia is hosting the world congress for the second time. -- BERNAMA