Advertisement

S P Setia lands 111-125 A'Beckett Street as offshore media reports Sapphire is all but sold out

Over the course of the last week, Malaysian developer S P Setia has landed two telling blows in Melbourne's apartment market, further enhancing its stature locally.

Malaysian publication The Edge Markets has in recent days reported that the developer has secured 111-125 A’Beckett Street for a price of $61 million. Complete with permit for an Elenberg Fraser-designed apartment tower spanning 200 plus metres, the A'Beckett Street plot of 1,714sqm is the developer's sixth Melbourne foray.

CBRE City Sales recently ran an Expression of Interest campaign for the site which was initially controlled by Singaporean outfit Tong Eng Group. The scheme had been dubbed Myriad Melbourne prior to S P Setia's involvement.

The Edge Markets reported S P Setia's CEO and president, Datuk Khor Chap Jen as stating the following:

We are truly pleased and happy with this fantastic news. This is another golden opportunity for S P Setia to deliver yet another development par excellence in Melbourne, the world's most livable city for the sixth year in a row.

The winning bid reaffirms Setia’s long-term commitment and confidence in the Australian real estate market. We remain optimistic on the property market in Australia and will continue to look out for more acquisition opportunities.

Datuk Khor Chap Jen, CEO, S P Setia

In its currently approved form S P Setia can pursue 632 apartments within their new project.

According to The Edge Markets, 111-125 A'Beckett Street will be launched this year and will carry an estimated gross development value of $419 million.

111-125 A'Beckett Street. Image: CBRE City Sales

News of S P Setia's A'Beckett Street foray comes hot on the heels of the developer launching Sapphire By The Gardens, which includes dual towers in the 250 metre range.

While one tower has been dedicated to Shangri-La Hotels and Resorts to be operated under their premium Shangri-La banner, the other which includes 345 luxury apartments has seen a high level of sales made, according to offshore markets website The Edge. Located at 308 Exhibition Street, the Cox and Fender Katsalidis-designed development features a distinctive green podium.

Released for sale only last weekend, The Edge Markets also reports that more than 70% of apartments have been accounted for after the launch which was held simultaneously in Kuala Lumpur, Jakarta, Sydney and here in Melbourne. Hong Kong, Beijing, Shanghai and Singapore are reportedly to have their launch this weekend.

Construction of the mammoth project is slated to start later this year.

Sapphire By The Gardens. Image: S P Setia

With Maison Carnegie at construction and A'Beckett Street poised to join Sapphire By The Gardens at sales over the course of 2017, S P Setia's only remaining Melbourne project which has yet to be launched is the more modest mid-rise 103-105 High Street in Prahran.

2 comments

George D's picture

Is Sapphire affected by the 50% offshore rule?

Back to top
3000's picture

Hope so.

Back to top
Advertisement

Development & Planning

Thursday, November 23, 2017 - 00:00
The City of Melbourne earlier this week agreed to provide conditional support for MAB Corporation's NewQuay West Development Plan via its Future Melbourne (Planning) Committee. The revised development plan prepared by DKO Architecture and Aspect Studios was driven by the development of the Ron Barassi Senior Park which necessitated a revisiting of the precinct layout and urban structure.

Policy, Culture & Opinion

Monday, November 20, 2017 - 12:00
The marriage of old and new can be a difficult process, particularly when the existing structure has intrinsic heritage value. In previous times Fitzroy's 237 Napier Street served as the home of furniture manufacturer C.F. Rojo and Sons. Taking root during 1887, Christobel Rojo oversaw operations though over time the site would become home to furniture manufacturer Thonet.

Visual Melbourne

Friday, August 25, 2017 - 07:00
The former site of John Batman's home, Batman's Hill is entering the final stages of its redevelopment. Collins Square's final tower has begun its skyward ascent, as has Lendlease's Melbourne Quarter Commercial and Residential precinct already. Melbourne Quarter's first stage is at construction and involves a new 12-storey home for consultancy firm Arup along with a skypark.

Advertisement

Transport & Design

Friday, November 24, 2017 - 00:00
Leslie A. Martin , University of Melbourne and Sam Thornton , University of Melbourne Road congestion in large Australian cities is estimated to cost more than A$16 billion a year . Economists have long argued the best way to improve traffic flow is to charge drivers for their contribution to road congestion.

Sustainability & Environment

Tuesday, October 24, 2017 - 12:00
Cbus Property's office development for Medibank at 720 Bourke Street in Docklands recently became the first Australian existing property to receive a WELL Certification, Gold Shell and Core rating. The WELL rating goes beyond sustainable building features with a greater focus on the health and well-being of a building's occupants.