By Pavither Sidhu
Matrix Holdings Bhd’s first foreign effort in Melbourne, Australia, is expected to be fully taken up by end-August, with 20 out of its 52 units snapped up.
The project, M.Carnegie Boutique Apartment, with a gross development value of RM100 million, offers units in various sizes, ranging from 569.4sq ft to 1,868.6sq ft priced between AU$419,000 (RM1.26 million) and AU$859,000 (RM2.59 million).
Construction work on M.Carnegie will commence in September and the development is targeting completion by Nov, 2017.
Group managing director Datuk Lee Tian Hock said that Matrix is confident the project will be fully taken up in the three months following the launch in May, as the location is strategic.
“Besides, it’s just 15km from Melbourne city and it is surrounded by the Carnegie Train station, tram stops, bus stops, primary and secondary schools, the Chadstone Shopping Centre and major banks,” he said.
“This is the group’s first project abroad with the land area being restricted to just 0.46 acres. We did not play big because we wanted to test the market, hence the risk carried by the company will not be huge.
“We are already being offered other properties in the city and I can confidently say that the M.Carnegie will not be our last project in Melbourne, which has been ranked as the world’s most livable city,” Lee added.
He said those who wish to buy the property should do so before July 1 as the Australian authorities have introduced a new policy which will increase the stamp duty from the current 3 per cent to 7 per cent.