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KUALA LUMPUR: S P Setia Bhd is launching the second tower of its first Melbourne development Fulton Lane in Malaysia this weekend.
The project’s first tower, a 28-storey block with 291 units launched last year, is 80% sold with strong demand from Malaysian buyers. Tower 2 is 30% sold following launches in September 2011 in Melbourne, Indonesia, Hong Kong and Singapore.
The 45-storey Tower 2 has 487 units comprising studio, 1-bedroom, 2-bedroom, 3-bedroom, 4-bedroom and dual-key units with built-ups from about 400 sq ft to 1,400 sq ft.
The dual-key units are designed to have two separate spaces, where one can be leased out for recurring income. Prices start from A$365,000 (RM1.2 million) or A$865 psf.
“Fulton Lane’s success proves that we can monetise our customer base due to the strong Setia branding and also meet their needs by offering them investment properties in markets they want to go to,” said CEO Tan Sri Liew Kee Sin in a press release on Wednesday.
“There is strong demand for residential properties, especially those located close to the central business district.”
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| The second tower of S P Setia's Fulton Lane is 30% sold following launches in September 2011 in Melbourne, Indonesia, Hong Kong and Singapore. |
The A$470 million development will also include green features like grey water recycling, a “live” green wall façade, bicycle racks and natural ventilation in each apartment.
The developer is offering a 6% rental guarantee and a complimentary furniture package. S P Setia is also working out finance packages with several banks in Australia for Malaysians interested in investing there.
Fulton Lane sits on just over an acre of land at the corner of Franklin St and A’Beckett St. It is a stone’s throw away from the popular Queen Victoria market and is also strategically located close to universities such as University of Melbourne, RMIT and La Trobe University.
“From its many educational institutions and diverse lifestyle offerings, Melbourne has something to offer everyone,” said Liew.
In addition to the residential units, the project will also have a retail component on the ground level that will replicate lane culture which Melbourne is famous for. The retail space covers 14,000 sq ft and will be kept for recurring income.
The architect for the development is the renowned Karl Fender of Fender Katsalidis Architects, whose notable projects include the Eureka Tower which has become Melbourne’s tallest building and one of the tallest residential buildings in the world. The launch of Tower 2 will be held at Intercontinental Hotel in Kuala Lumpur.
This article appeared on the Property page, The Edge Financial Daily, March 23, 2012.
