MELBOURNE: S P Setia Bhd’s maiden Australian project — Fulton Lane in Melbourne — is ahead of schedule by two months. The project features two towers — a 28-storey tower to be completed in December and a 45-storey tower to be completed in March next year.

“I am very happy as we are two months ahead of schedule,” said its acting president and chief executive officer Datuk Voon Tin Yow at the topping-out ceremony yesterday.

To date, Fulton Lane is 99% taken up. The development was launched in November 2011.

“It has been a smooth ride. Sales have been very good. We are definitely here to stay and look forward to expanding into the Australian market,” added Voon, citing Sydney as the next possible location for S P Setia’s third Australian development.

Fulton Lane, which is just a short walk from Queen Victoria Market, has a gross development value of A$480 million (RM1.37 billion), comprises two towers. The 28-storey tower has 301 units, while the 45-storey tower has 503 units. The retail component on ground level will have a net lettable area of 1,400 sq m for convenience stores and food and beverage outlets. The retail space will be retained by S P Setia for recurring income.

Fulton Lane’s units in the 28-storey tower comprise studio and one-to  three-bedroom types. Built-ups range from 500 sq ft to 1,475 sq ft.

For the 45-storey tower, units comprise one- to four-bedroom and dual-key units. Built-ups range from 430 sq ft to 1,507 sq ft. The dual-key units come in two separate spaces allowing one part to be leased out and the other for the owner to use.

Prices for the units range from A$355,000 to A$1,346,000. To date, sales revenue from  the residential units stands at A$467 million.

The project is located near RMIT University, La Trobe University and Melbourne University.

“S P Setia has raised the benchmark in terms of apartment design in Melbourne,” said Karl Fender of Fender Katsalidis (FK) Architects. Fulton Lane was designed by Fender, whose notable projects include the tallest building in Melbourne, the Eureka Tower.

“This is a large project, the biggest in Victoria, and we have pulled a lot of resources to get to the point where we are today, so I am very pleased that the project is ahead of schedule,” said managing director and founder of Hickory Group, Michael Argyrou. Hickory Group is a construction company that was founded by Argyrou and his brother 20 years ago. They focus on projects mainly in Victoria.

The topping-out ceremony saw the planting of the eucalyptus to represent Australia, the hibiscus for Malaysia and the olive tree for Greece, to signify the collaboration of the three companies.

S P Setia also has another project in Melbourne, the A$252 million Parque Melbourne at St Kilda Road. It will offer 332 units of one-, two-and three-bedroom apartments, with an additional two open-plan penthouses, that will sit on a land area measuring 9,031 sq m. The Parque Melbourne development is also designed by FK Architects.

This article first appeared in The Edge Financial Daily, on October 21, 2014.