ASX Announcement re Approval of Hilton Residential Scheme

ASX Announcement re Approval of Hilton Residential Scheme

16-Dec-2004

Thakral Holdings Group today announces that the Victorian Minister for Planning, the Honourable Mary Delahuntey MP, approved planning scheme amendment C101 which facilitates a major redevelopment at the Hilton on the Park Hotel in East Melbourne.

Based on the approval, Thakral is proposing to build 89 residential suites and apartments in vacant air space above the Ballroom. In addition, Thakral intends to refurbish the Hilton on the Park and MCG hotels. The refurbishment of the hotel is timed to be completed prior to the commencement in March 2006 of the Commonwealth Games.

Thakral is also proposing to restore the historic Mosspennoch House and return it to residential use as 6 luxury apartments and to construct a new six level prestige residential apartment building on vacant land on Clarendon Street.

The total estimated end value of the residential elements is approximately $85 million.

Commenting on the approval, Thakral’s Managing Director, John Hudson said:

“The Government of Victoria has for a number of years demonstrated its commitment to furthering Victorian tourism and we are delighted to be able to assist and support the Bracks’ Government by enhancing what is one of Melbourne’s true landmark properties”.

Please provide us with your confirmation of release announcement.

Yours faithfully



Andrew Horne
Group Company Secretary

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