Called Maison Carnegie, the residential project would have a gross development value (GDV) of A$32mil and would be completed towards the end of 2017, explained Choong Kai Wai (inset pic), the chief executive officer of S P Setia Australia.(Premium development: An artist’s impression of Maison Carnegie. )
PETALING JAYA: SP Setia Bhd’s third property launch in Melbourne, Australia, is being brought to the market just six months after the developer acquired the land there for A$6.68mil.
Called Maison Carnegie, the residential project would have a gross development value (GDV) of A$32mil and would be completed towards the end of 2017, explained Choong Kai Wai (pic), the chief executive officer of S P Setia Australia.
Made up of 48 affordable luxury units in a low density of four-storied apartments, the properties are being priced at an average price of A$667,225.
Choong said: “This is a premium development and is being competitively priced from A$452,000. This is an appealing price, as the medium house prices here are already more than A$1.2mil”.
Carnegie is an established residential location in south-east Melbourne, located 12km from the city’s central business district (CBD).
Speaking from Melbourne where he is based, Choong said: “Carnegie is also close to the rail network, has good amenities and is within food and retail precints and schools. There is also the Caulfield campus of Monash University and the Chadstone shopping mall, which is Australia’s largest. The value in this area will appreciate and this will be a key driver for buyers to invest here.”
The key target market for the project, according to Choong, will be local buyers, mainly first home buyers. “They will be attracted to the lower entry price point, given the high median house prices nearby. Another market will be the traditional “down-sizers” moving from their suburban residence to an apartment,” said Choong.
Also targeted are young professionals and university students with “well-heeled parents” and foreign buyers seeking a “safe-haven investment” and looking to capitalise on Melbourne’s strong population growth.
SP Setia will be doing a special preview for existing SP Setia customers and Malaysians, while the launch in Melbourne will be on Aug 6. “There is a new stamp duty surcharge of 7% which will come into effect from July 1, and we would like the Malaysian purchasers to beat this deadline,” he added.
Maison Carnegie marks SP Setia’s third project in Melbourne, following the success of its two luxury apartment developments Fulton Lane and Parque, which were fully sold out.
SP Setia officials had previously said that Australia remained a crucial part of its growth strategy and that it as a developer is becoming increasingly familiar with the Melbourne market. The company has also acquired a 1.02-acre plot of land in the east end of Melbourne’s CBD for A$101mil and another smaller piece in Prahran, south-east Melbourne, for A$10mil.
It has been reported that the latest CBD purchase will be developed as a mixed development with an estimated GDV of A$640mil and is slated to be launched by the second half of 2017. The Prahran project will have 47 suburban apartment units.
