GENERAL PROPERTY

Capital Alliance adds $1.5b value to Dandenong

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AFTER securing exclusive development rights to the next stages of the Victorian government’s urban renewal project Revitalising Central Dandenong, Capital Alliance will invest $600 million in the mixed use precinct.

The site is comprised of two-hectares and will add 200,000sqm of gross floor area to the precinct on the boundary of Dandenong station. Development Victoria will also partner with Capital Alliance in delivering the project.

“This is a once in a lifetime opportunity to further urbanise and give central Dandenong the investment it needs to cement its status as the capital of the south eastern corridor of Melbourne,” said Mohan Du, founder and chief executive of Capital Alliance.

The development will include at least 500 new dwellings, community spaces, commercial offices, a hotel, an urban brewery entertainment district, education training facility, retail, medical and cinema sites, as well as a new dining precinct and a Little India.

Du believes this development will “drastically improve[e] the urban experience and overall prosperity for Dandenong.”

“We look forward to working closely with Capital Alliance to ensure the vision is fully realised and that this strategic site adjacent to the Dandenong transport hub is transformed into a vibrant and thriving economic precinct,” said Angela Skandarajah, CEO of Development Victoria.

The development is estimated to add over $1.5 billion in value to central Dandenong upon completion and will create more than 2,600 jobs during constructions and almost 5,000 jobs upon completion.

Construction in planned to commence in 2023.

“This will be an absolute game-changer for the Dandenong region,” said Skandarajah.

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