PETALING JAYA (Oct 30): S P Setia Bhd’s latest development in Melbourne – Uno Melbourne, has seen 75% of its residential units sold since the project was unveiled in January this year, said S P Setia’s Australia operations CEO Datuk Choong Kai Wai.
Located in Melbourne’s Golden Triangle, the 65-floor Uno Melbourne comprises 486 apartment units and a 17-storey 256-room hotel above the apartment units.
“About 75% of the 486 apartment units have been sold since the project was launched. A majority of the buyers are those who are working and renting in the Melbourne Central Business District (CBD) looking for a home close to their work place,” Choong told Malaysian media on a visit to S P Setia’s projects in Melbourne, Australia.
The apartment units come in three choices of one to three-bedroom units with built-ups ranging between 549 sq ft and 1,109 sq ft. Prices start from A$499,000 (RM1.47 million).
He noted the project’s strategic location within the CBD which is within a three-minute walk to Melbourne Central Station, RMIT University and Queen Victoria Market, as one of the project’s main draws for both local and foreign buyers.
The integrated development situated at A’Beckett Street carries an estimated GDV of A$395 million (about RM1.17 billion) for its residential component. It is located right opposite the developer’s Fulton Lane project.
Currently on the site is a two-storey heritage building which will remain as part of Uno Melbourne’s building. The development is expected to be completed by 2021.
With regards to the hotel component, Choong said the company is considering selling the hotel component or engage with an established hotel operator to run the hospitality business.
As for the developer’s Sapphire by the Gardens, S P Setia has roped in International hospitality brand Shangri-La as the hotel operator for the 500-room hotel component of the development.
The two-tower Sapphire by the Gardens located at Exhibition Street, Melbourne CBD, is about 1km away from Uno Melbourne. The development comprises two 60- and 62-storey towers with 345 luxury apartments in the 60-storey tower and the first Shangri-La hotel in Melbourne in the 62-storey tower.