KUALA LUMPUR (April 3): Australia-based Lend Lease is bringing its latest development, Toorak Park in Melbourne, Australia, to Malaysia. Toorak Park, which is located in the sought-after neighbourhood of Armadale, was launched worldwide in March.
The development is located in 590 Orrong Road, next to the historic Beatty Avenue and Toorak railway station in the leafy eastern suburbs of Melbourne. It offers 448 apartments and 18 townhouses that will be spread across 2.5ha. A third of the project will be converted into communal gardens to encourage positive community interaction. It offers direct access to Toorak railway station through a publicly accessible blossoming boulevard.
The built-ups range from 49 sq m (527 sq ft) to 66 sq m for 1-bedroom apartments, 71 sq m to 103 sq m for 2-bedroom apartments and 110 sq m to 145 sq m for 3-bedroom apartments. Lend Lease expects to see more owner-occupiers for the 3-bedroom apartments, while the 1- and 2-bedroom apartments will have more investors. The development is expected to be completed in 2018.
Lend Lease national head of apartments Ben Christie said the development is targeted at young families who are looking to settle down in safe and affordable neighbourhoods, who want to enjoy local amenities, public transport and close proximity to the city while still relishing a relaxed suburban lifestyle.
A spokesman for its exclusive agent Jalin Realty in Malaysia said since its launch, the global response has been encouraging. In an article in The Australian’s Business Review section on Wednesday, Christie said Toorak Park was 50% sold during its launch on March 21 and 22. Units were sold between A$500,000 (RM1.39 million) and A$2.5 million during the launch.
Lend Lease is working with architects Denton Corker Marshall, interior designers Carr Design Group and landscape designers Tract to create the new neighbourhood.
Denton Corker Marshall director John Denton said the local architecture was an inspiration for the development.
“We wanted to build a village within a village. We sought to open up access to the railway station and Beatty Avenue from Orrong Road by creating a central boulevard that is in effect, a new road in Armadale. The newest area in the neighbourhood will connect with one of the oldest,” said Denton.
According to realestate.com.au, Armadale was recently listed as one of the most in-demand suburbs in the state of Victoria, where it ranked ninth and the expected capital appreciation per annum is estimated to have a compound annual growth rate of 2.7%.
This article first appeared in The Edge Financial Daily, on April 3, 2015.