Investors based from Hong Kong and Singapore bought the coveted development Beverly Hills real estate in California on Tuesday for $148.3 million. The property is bought by Joint Treasure International Ltd. in a private auction by Carlos Slim’s Banco Inbursa, a Mexican telecommunications billionaire.
Joint Treasure International Ltd. is a private-equity from Hong Kong is planning to renovate the 8-acre Beverly Hills real estate, and the former site of a Robinson-May department store into 235-unit luxury condominiums with spaces for other retails and restaurants.
The senior advisor to Joint Treasure Daniel Yiu said that the site is unrivaled and cannot be replicated.
Joint Treasure International Ltd, who wants to develop the Beverly Hills real estate, specializes in international real estate market.
The company also owned the Beverly Wilshire Hotel near the area.
The previous Robinsons-May department store site at the junction of Wilshire and Santa Monica boulevards was purchased for $33.5 million in 2004 by Beverly Hills-based New Pacific Realty Corp.
The Candy Brothers also purchased the in demand Beverly Hills real estate for $500 million in 2007, and it made the headlines as one of the biggest dealings in the history of Los Angeles.
New Pacific Realty formed a plan before to build luxury condominium in the area, and Joint Treasure is set to follow that plan for their newly-acquired Beverly Hills real estate.
Joint Treasure’s revised plan is yet to be approved by city officials, but Yui is not waiting for the real market to recover before starting the project.
The company needs to secure the services of renowned Richard Meier & Partners Architects to make use of their design for the development project for the new Beverly Hills real estate.