A company associated with the family of Malaysian timber tycoon Admond Looh has emerged as the $23 million buyer of a historic East Melbourne office building sold by former Rich Lister Lionel Krongold.
Mr Looh is the former executive director and chief operating officer of Malaysian logging and timber company Java Bhd. He has also previously held interests in several Australian mining companies.Weekly Times in 1926 as a newspaper warehouse, Marlion house was converted into offices in 1988. It was acquired a year later by the Krongold family for $3.6 million.
“Just as the Notting Hill is to London, or the Upper East Side is to New York, East Melbourne has enshrined itself as the most prestigious and tightly held enclave at the edge of the Melbourne CBD,” said JLL’s head of capital markets, Josh Rutman. “The campaign uncovered a huge depth of buyers ranging from investors, developers and owner-occupiers, demonstrating the quality and versatility of this asset,” said Colliers co-selling agent Oliver Hay.
The irony of a timber tycoon from Malaysia. palmoil
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