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S P Setia’s Sapphire By The Gardens 70% taken up over weekend launch

S P Setia’s Sapphire By The Gardens 70% taken up over weekend launch

Mon, 19 Jun 2017
10:05 am

Sapphire By The Gardens

PETALING JAYA (June 19): S P Setia Bhd’s Sapphire By The Gardens, the residential tower of the developer’s fifth property development in Melbourne, Australia, has achieved a more than 70% take-up rate following last weekend's launch that was held simultaneously in Kuala Lumpur, Jakarta, Sydney and Melbourne.

According to a statement by the developer yesterday, Sapphire By The Gardens will be launched in Hong Kong, Beijing, Shanghai and Singapore next week.

“We are proud and extremely delighted with the overwhelming response that we have received for this luxury residential project, and we are confident that all the units will be fully taken up in the coming weeks.

“I can assure purchasers that this is one of the best real estate decisions that they have made as Sapphire By The Gardens will be an iconic landmark in Melbourne,” said S P Setia president and chief executive officer Datuk Khor Chap Jen. 

Located in the heart of the city offering the most exclusive address on a 4,140 sq m plot at 308 Exhibition Street in the upper-east end of Melbourne's Central Business District (CBD), Sapphire By The Gardens is part of the two-tower development designed by Cox Architects and Fender Katsalidis.

The residential tower will have 345 luxury apartment units. The second tower of the development will house a 500-room, five-star Shangri-La Hotel with three levels of amenities including a sky lobby, restaurants, spa, fitness centre, swimming pool and a state-of-the-art ballroom overlooking the gardens. Office and retail spaces will occupy the lower levels of the development. A curving sky bridge will connect both towers. 

Khor added that the built-ups of the apartments range from 50 sq m to 660 sq m while prices start from A$550,000 (RM1.77 million). 

"The residential component of the development has a gross development value (GDV) of about A$480 million,” he added. 

The entire development is scheduled to be completed in 2022, as construction is expected to commence by 4Q2017.

Meanwhile, S P Setia announced that it has secured another major site, 111, A’Beckett St, in Melbourne’s CBD. The 1,714 sq m site was acquired for A$61 million.

The developer plans to build a high-rise residential project on the site with an estimated GDV of A$419 million. 

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