Yarra Park City’s RM9 billion Melbourne Square has been making a mark since its launch in 2017. Soft-launching the second stage of the development, Blvd, in May 2021, 30% of the residential tower has already been booked by the Australian market. Featuring 591 units with built-ups ranging from 50 sq m to 177 sq m, Blvd boasts a GDV of RM2 billion and will be ready for occupancy in 2026.
Wellness has been increasingly integral to people’s lifestyles, so the developer is aiming to bring a platinum rating of WELL certification to the building. It will include improved insulation, electric vehicle charging and smart-home automation, as well as dedicated spaces for activities like a 25m swimming pool, spa and sauna, a gymnasium, a cinema, a karaoke room, and a co-working space.
The first stage of Melbourne Square, comprising of 1,054 apartments, a 6,100 sq m retail space and a one-acre park, is almost fully taken up with between 10% and 12% of buyers being Malaysians, and receives 25,000 footfalls each week. Retail anchor Woolworths has led to an increased number of customers, and the investment in the space has paid off with Perth-based Real Estate Fund Manager Primewest having bought it for A$70 million in December of 2020.
The original master plan of Melbourne Square consists of six towers including residential, retail, office and hotel components. There is still 2.1 acres left to develop and the company is contantly adjusting to meet the demand of the market. This includes the potential of a build-to-rent concept.
Yarra Park City is also looking to increase its land bank in Australia, having acquired two adjoining sites in Southbank to a total of A$97 million. Currently leased out for investment income, the developer has plans to develop the space for residential use in the future.
Woon explains that looking ahead, long-term prospects for properties in Melbourne are very positive due to the city’s population growth of 1.8-2% annually which is fuelled by a migration of 400,000-500,000 per year.
The grounds of Champions Way Condo Woodlands are carefully designed to provide lush greenery and open spaces for residents to enjoy. Amenities such as a swimming pool, gymnasium, and jogging track are readily available for residents to use. The Champions Way Condo Woodlands is an ideal option for those looking for a modern and luxurious lifestyle in Woodlands. With its modern interiors and well-maintained grounds, it is the perfect place to live in.
With the demands for dwellings continuing to soar in Melbourne, Yarra Park City is optimistic about the future of the real estate market and the city itself.