Parque opening ceremony

IT was a cool, sunny spring morning in Melbourne in the middle of last month when S P Setia Bhd hosted the ceremony for the completion of Parque Melbourne, its third residential project there. Parque (see sidebar) was launched in 2013 and the 332-unit block was sold out in three months.

What sets Parque apart from the other residential developments in the area is its private one-acre Heritage Gardens where twelve 150-year old elm trees, listed on the National Trust of Australia’s register of significant trees, have been retained. Guests were greeted by a beautiful elm tree-lined path and a lively kompang performance. Those walking the red carpet could have a shoe shine and there were live performances, including the Wesley College choir, as well as food and beverages such as ice cream, coffee, juices and a well-received assortment of Malaysian favourites including nasi lemak, curry puffs and satay.

Choong     Khor

In his speech, S P Setia chairman Tan Sri Wan Mohd Zahid Wan Noordin said Melbourne, which was awarded the top city in The Economist Intelligence Unit’s 2015 Global Liveability Index for the sixth year running, reaffirms S P Setia’s strategy in expanding to Australia and in particular in Melbourne.

“We have acquired another three sites — in Carnegie, where we just launched 48 low-rise apartments in August called MAISON, a site in Prahran and a much-anticipated site in Exhibition Street,” he said.

After the ceremony, Wan Mohd Zahid told Malaysian media, “I was pleased when a few purchasers came up to me and said they are happy with the product. That is very good to hear. As far as S P Setia is concerned, quality is very important. Demand has been good. We plan to make many forays in Australia, thanks to (S P Setia Melbourne CEO) Choong Kai Wai and his good rapport with the people here.”

The developer is building its reputation for timeliness and efficiency.

“Fulton Lane — our first Melbourne project — was handed over to the buyers two months ahead [of schedule] and Parque is one month ahead [of schedule],” said S P Setia president and CEO Datuk Khor Chap Jen.

Choong said he was somewhat surprised by the great response to Parque.

Parque at a glance

“At the time we launched, there was talk of oversupply, but this project is more for owner-occupiers than for investment," he said. "This is an extraordinary piece of land, it makes a statement of arrival. The price was 10% higher but our buyers knew about the quality and also the private garden with the elm trees. About 55% were local buyers and the most sought after were the 2-bedroom units, compared with the Central Business District [CDB] where 1-bedroom units are in high demand. The remaining buyers of Parque were from Malaysia and China.”

First time homebuyer, Claire, said she chose Parque Melbourne because of the location, the
S P Setia brand and the amazing design by Fender Katsalidis Architects. And it was the most iconic and best known projects in Melbourne, she added.

Khor says the company plans to launch two more projects in Melbourne next year, following the successful launch of its third project, MAISON Carnegie, in August, which has seen a 65% take-up so far. MAISON Carnegie has 48 apartments, with 42 two-bedroom units; three 1-bedroom units; and three 3-bedroom units. The 2-bedroom units are priced from A$556,200.

Wan Mohd Zahid

Meanwhile, the Exhibition Street site, also known as Telstra Exchange site, is the largest east-end CBD development site to be sold in Melbourne in over a decade. The site offers 160 acres of green frontage from Unesco World Heritage listed Carlton Gardens and Royal Exhibition Centre, close to the Chinatown precinct, Lygon Street (Melbourne’s Little Italy), the historic Parliament House and Melbourne University.

S P Setia plans to launch the Prahran site sometime in May or June next year, followed by the Exhibition Street site in 2H2017.

The award-winning developer bagged the much coveted top spot in recent The Edge Malaysia Top Property Developers’ Awards 2016, making a comeback to No 1 after a two-year absence from the spot.

MAISON Carnegie

This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Dec 12, 2016. Subscribe here for your personal copy.

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