BY NICOLE LINDSAY, SYDNEY MORNING HERALD
Chinese-backed developer JTX International has launched a $1.7 billion mixed-use project on former VicRoads land in Craigieburn. The 350,000 square metre Humex business park and homemaker centre is planned for a 32 hectare site at 650 Hume Highway.
JTX International chief executive Anthony Elcheikh said the project will include a 50,000 square metre showroom retail precinct, a 7000 square metre medical centre, a 56,000 square metre building materials display centre and a a 12-level 285-room hotel.
No tenants have been announced yet for the huge project but Mr Elcheikh said a petrol station operator was lined up and there was strong interest in the project’s childcare centre. Title deeds show JTX purchased the Humex land from VicRoads for $8.25 million in February.
The Craigieburn project is funded by a mix of offshore and local money, he said. Shareholders in JTX International include Mr Elcheikh and his family company Prime Rise, as well as Ron Chen, Fang Na, Jingwei International and Xiaohong Xiang.
Mr Elcheikh said: “I’ve been flying under the radar. When everyone else left China after the global financial crisis, I stayed and made contacts.” He also operates a company called Global Significant Investment Visa Fund Australia which helps offshore investors attain permanent residency in Australia.
Savills director Keith Kooloos, who is marketing the project, said “We’ve had good inquiry on the supermarket. It’s very early days but it’s a good solid start.” Knight Frank’s Tim Grant, who is also working on the deal, said the development will provide a venue for Chinese businesses to display their products.
JTX International are building a $210 million residential project on Bell Street, Ivanhoe, and have a land subdivision in Aireys Inlet.
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