MELBOURNE (Oct 20): Australia-based property developer Crown Group is gearing up for its first Melbourne residential development launch next month despite the overall slow market owing to the Covid-19 pandemic.
Dubbed Artis, the residential project is a joint venture project between Crown Group and Melbourne based developer G3 Project. It has a gross development value of A$3 billion (RM8.75 billion).
Situated on 0.5-acre land along Sturt Street of Southbank, Melbourne, the twin tower development houses only 153 units of 1-, 2- and 3-bedroom apartments. The selling price will start from A$480,000.
“We are confident to launch in the current market because we are supported by key market fundamentals – it is in a prime, highly sought-after location outside of the Melbourne CBD; there is strong demand for a boutique development with unique design; and there is restricted supply of such a product,” said Crown Group chairman and CEO Iwan Sunito during a virtual global media project preview today.
He adds that the global official launch of Artis will kick start next month, firstly to buyers in Indonesia, China and other South East Asian countries, followed by Australia in the New Year.
“There are very few developers launching in Melbourne in 2021 and therefore there is limited stock available to meet the pent-up demand. There has also been a lot of anticipation about Crown Group coming to Melbourne for the first time,” Sunito shared.
Artis will carry the signature resort-style facilities of Crown Group, such as rooftop lounge with garden and children’s play area, as well as gym, indoor pool and Jacuzzi on the level one.
There will also be a community arts space and café to provide a space for local artists to exhibit.
The development is located 1.5km from Melbourne's CBD, 1km from Flinders Station and less than 1km from Melbourne University. Construction will start in July 2021 and is targeted to be completed in 2023.
Also attending the virtual session was real estate service company Colliers director of International Residential Melbourne Robert Papaleo, who had shared the real estate potential of Southbank.
“The rejuvenation of Southbank is continuing, with transformation of its riverside precinct and creation of new public spaces to match the appeal of the renowned St Kilda Road boulevard,” Papaleo said.
He also foresees Melbourne new apartment completions to fall dramatically post 2022 due to the scarcity of current new launches.
“Artis would launch at a time when new apartment supply in Melbourne is falling dramatically. This location is only set to improve with the opening of the new Anzac Metro Station in 2025, 600m away, and the A$200 million of improvements by the Victorian Government that will reinforce the primacy of the Southbank arts and cultural precinct,” he concluded.
The Victorian Government is now working to transform the Melbourne Arts Precinct into one of the great creative and cultural destinations of the world with a A$200 million funding boost.
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