MULPHA BOSS COMMITTED TO SANCTUARY COVE
Written on the 5 May 2010
THIS man’s company has invested more than $1 billion into Australia with Sanctuary Cove one of the key beneficiaries.
The 35-year-old executive chairman of Mulpha Australia Limited, Seng-Huang Lee, has spent $50 million in two years on Sanctuary Cove and is the driving force behind the community’s next growth phase.
Lee briefly called into Sanctuary Cove recently for the opening of its new $12 million golf club en route to the company’s other star portfolio asset, Hayman.
“Sanctuary Cove is a great asset but so are the other assets in our portfolio so I can’t favour the one over the other, but we are very committed to Sanctuary Cove,” he says.
Lee says that the sales generated since Mulpha’s takeover of Sanctuary Cove in 2002 had surpassed $800 million, allowing the company to re-invest heavily into enhancing infrastructure.
Mulpha also owns the InterContinental Sydney, Hyatt Regency Sanctuary Cove, Hilton Melbourne Airport, The Hotel School Sydney, Salzburg Apartments, Norwest Business Park, 99 Macquarie Street, and Bimbadgen Estate.
Lee would not speculate on further acquisitions in Australia, but was ‘always looking for opportunities’ that fit the company’s structure.
Since teaming up with Sunland Group to extend the residential component at SC, around $38 million in sales have been realised since January.
Mulpha also holds a 25 per cent stake in FKP Property Group.