Malaysian outfit Fajarbaru Builder Group Bhd’s decision to spread its wings offshore is paying off in a big way. The company is now poised to celebrate its second major success in Australia.
Teaming up with Aussie development firm Beulah International for the second time, its joint-venture project Paragon in the global property hotspot of Melbourne is now close to being fully sold out.
A luxury apartment, the development is taking shape in the heart of the city, and according to Fajabaru, over 90% of the units were snapped up early during a pre-launch campaign late last month.
The project offers 220 upmarket units and features a one-of-a-kind elevated indoor urban forest, nestled high above the bustling city.
Also a key selling point is the fact that Paragon is architecturally designed to maximise Melbourne city landscape views. A majority of residents will enjoy corner vistas as the limited density project only allows between four and six units per floor.
In addition, it will offer just two penthouses that will occupy the top floor of the 48-storey structure.
In a press statement, Beulah International managing director Jiaheng Chan said the demand the project is witnessing was “astronomical” and unprecedented considering the current market condition.
He said interest in Paragon is more than had been expected, but it is clear that the project is something truly unique in an iconic location that has resonated with the market.
“We are filling up a waiting list for the penthouses and many of the apartment types and levels which were completely taken up,” Chan said.
The three-storey high urban forest at the Paragon is a conservatory-like feature housing a selection of mature trees, leafy canopies, climbing gardens and grassy spaces as well as refined terrazzo pavers and outdoor seating zones.
Paragon will be the second project Fajabaru and Beulah International have collaborated on. The previous project, Hallmark Ivanhoe, sold over 80% of its apartments in the first two weeks.