Planning approval results in cash injection for Homes for Homes

Singaporean developer, Tong Eng Group, today welcomed the Victorian Government’s decision to grant a permit to build a 65-storey multi-purpose development at 111-125 A’Beckett Street, Melbourne.

Emilia Teo, Director of Feature Alpha Investment Pty Ltd (a subsidiary of the Tong Eng Group) was quick to highlight the significant community benefits of the project.

“We have worked closely with the Victorian Government to create significant public benefits from this project” Ms Teo said.

“Those benefits include a very substantial contribution to the Homes for Homes initiative” she added.

Steven Persson, Homes for Homes CEO, said “Homes for Homes is a new initiative that will create a permanent revenue stream to be invested back into much needed social and affordable housing in Victoria”.

“Our social and affordable housing crisis is too big for any one government, Federal or State, to solve alone. Homes for Homes allows the entire community to join together to tackle what is Australia’s biggest social crisis. We are delighted that Tong Eng have chosen to not only make a significant upfront contribution, but importantly will be providing property owners of 111 A’Beckett Street the opportunity to participate and make an ongoing difference to those in need”, he added.

Under the agreement, the contribution towards the Homes for Homes program will comprise two separate revenue streams. The first comes from initial sales and amounts to 0.25% of the value of those sales. In addition to that, every future resale will result in a donation of 0.1% of the sales value to Homes for Homes.