News : The lure of Sapphire By The Gardens

2017 Jun 19

Malaysian property developer SP Setia unveils A$478mil development in Melbourne

MELBOURNE: If Melbourne’s most liveable city status is not enough to entice potential investors to invest there, a burgeoning and booming student population, especially at the tertiary level, would.

This, according to Setia Melbourne Development chief executive officer Choong Ka Wai, would be one of the pull factors of SP Setia’s latest project called Sapphire By The Gardens.

The company, which brought the press on a tour of its latest development there, also showed the location of this project that was also just launched in the Klang Valley last weekend at the Setia International Centre.

The A$478mil (RM1.56bil) project is located in a prime location in Melbourne city, which is at the edge of the central business district (CBD) and right opposite the world heritage-listed Carlton Gardens.

“Melbourne is a garden city and now we are building this in the city right next to a garden,” Choong said in a press preview and briefing of the project recently.

Sapphire By The Gardens is a the second tower next to Shangri-La Hotels and Resorts which will occupy the first tower.

The development will house some 345 luxury residential apartments, as well as some office space on the ninth and tenth floors for possibly a wellness centre and child daycare centre.

A sky bridge will connect the two towers, and retail space will occupy the lower levels of the development.

Choong said the project targets owner occupiers among both residents and non-residents of the discerning high net worth investor profile.

“A majority of the rooms would be the two to three bedroom types with measurements ranging from 785-861 sq ft for the two-bedroom unit.

“The three-bedroom unit sizes would range from 1,044-2,368 sq ft,” he said.

One-bedroom unit sizes range from 548-635 sq ft.

“There is also a shift in mindset of the people in Melbourne now where we are seeing higher demand for people to opt for apartment style living.

“This trend seems to be catching up here as by and large a small percentage of people in Melbourne live in apartments,” he added.

There are a total of 76 one-bedroom units, 191 two-bedroom units, 77 three-bedroom units and a penthouse that measures 6,975 sq ft.

Average selling prices for the one-bedroom units range from A$550,000 - A$622,000; two bedroom units from AU$1.05mil - AU$1.12mil; three bedroom units from A$1.55mil - A$5.09mil while the penthouse costs A$29mil.


source : The Star Malaysia, 19 June 2017

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