Kicking off a thread for SP Setia's latest project
SP Setia to unveil high-end apartment in Melbourne
Jul 17, 2013 - PropertyGuru.com.my
To strengthen its presence in the Australian residential market, SP Setia will launch a new upmarket complex at 557 St Kilda Road next to Wesley College, the company’s second project in Melbourne.
Designed by Karl Fender, the 19-storey property will be the first apartment tower on the renowned boulevard since Ubertas Group put up a hotel and residential project on the opposite number 572 in 2008.
“This is a different market altogether...In fact, there is no competition there,” said Choong Kai Wai, Chief Executive of SP Setia.
The 332-unit Parque Apartments will be launched into a prestige market which is under recovery following several years of downturn.
“The front of the streamlined glass tower facing St Kilda Road will rise 11 levels before dipping in the middle to eight storeys and rising towards the rear height of 19 levels.”
Although there are guidelines that limit building heights, architects took advantage of the restriction by placing a lounge on the building’s lowest section, and an open air, 25m rooftop pool.
The 557 St Kilda Road project comprises one to three-bedroom apartments priced from S$410,313 (RM1 million) with two penthouses estimated to reach S$3.1 million (RM7.85 million), said CBRE's Andrew Leoncelli.
Construction is expected to begin early 2014 to end in 2016.