BY Chris Prasad
SP Setia Bhd is solidifying its presence in the Australian market with quick wins for its projects in key locations Down Under.
The latest news comes hot on the heels of an announcement that it will be partnering with the illustrious Shangri-La Hotels & Resorts at its latest project, hosting both a residential and hospitality components, at 308 Exhibition St overlooking the UNESCO World Heritage-listed Carlton Gardens in Melbourne city.
According to Setia, Sapphire By The Gardens, the residential component of the two-tower project, has achieved a take-up of over 70% of the units over the June 17-18 launch weekend.
The company said the response was “overwhelming” as buyers seem to have rushed to snap up an opportunity to live at an exceptional Australian parkside address with premium amenities to match the prestige of the location.
The weekend launch was held simultaneously in Kuala Lumpur, Jakarta, Sydney and Melbourne. Sapphire By The Gardens will also be launching in Hong Kong, Beijing, Shanghai and Singapore this week, but the pickings are likely to be slim.
“We are proud and extremely delighted with the overwhelming response that we have received for this luxury residential project, and we are confident that all the units will be fully taken up in the coming weeks,” said S P Setia president and CEO Datuk CJ Khor.
“I can assure the purchasers that this is one of the best real estate decision that they have made as Sapphire By The Gardens will be an iconic landmark building in Melbourne,” he added.
Located in the heart of the city, the project touts being the most exclusive address on a 44,562.6 sq ft plot along 308 Exhibition Street in the upper-east end of Melbourne’s CBD. It is designed by two of Australia’s world renowned leading architectural names; Cox Architects and Fender Katsalidis.
Khor explained that the sizes of the apartments range from 538.3 sq ft to 7,104 sq ft, while prices start from A$550,000 (RM1.7 million) onwards. The residential component of the development will have a gross development value of about A$480 million (RM1.56 billion).
The second tower will house the five-star Shangri-La Hotel Melbourne, with 500 guest rooms and three levels of amenities including a sky lobby, restaurants, spa, fitness centre, swimming pool and a state-of-the-art ballroom overlooking the gardens.
Construction of the project is expected to commence by the last quarter of this year, while completion is scheduled for 2022.
In addition, Setia also recently announced that it has secured yet another major site in Melbourne’s central business district, on 111 A’Beckett St. The site is located opposite Fulton Lane, which is Setia’s first development project in Melbourne.
“We are truly delighted with this fantastic news. This is another golden opportunity for S P Setia to deliver yet another development par excellence in Melbourne, the world’s most liveable city for the sixth year in a row,” said Khor.
The upcoming luxury residential tower on an 18,449.34 sq ft site is situated in a highly strategic locale in the quadrant of Melbourne CBD. The site is within walking distance from Queen Victoria Market, University of Melbourne and RMIT, theatres and cultural precincts, Melbourne’s Chinatown, as well as within proximity of a many public transportation services.
Expected to be launched in the second half of this year, the project has a gross development value of AUD$419 million (RM1.36 billion).