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MELBOURNE | Parque Melbourne | 555 St Kilda Road | ~60m | 19L | Residential

Mark Baljak's picture
#1

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.

that pool, i could live with

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Alastair Taylor's picture

Very high quality.

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Peter Maltezos's picture

^^ What he said. yes smiley

 

 

Parque is a joint venture by international property developer S P Setia and world renowned architectural firm Fender Katsalidis.

This ground breaking project will feature majestic one, two and three bedroom Melbourne residences above a picturesque and private park of over 9,000m2 of heritage protected land.

S P Setia is a multi-award winning public listen company that built homes for thousands of Malaysians including the current Prime Minister of Malaysia.

Their motto, efficiency, cost effectiveness and innovation are often reflected in their myriad of projects across the globe.

Little introduction is needed for Fender Katsalidis, as the firm is lauded for is innovative as well as ground breaking project that overlooks  Melbourne CBD, the Eureka Tower which is one of the tallest residential buildings in the world.

 

Read more:

http://www.xynergy.com.au/news-detail/melbourne's-iconic-boulevard-proje...

I collect, therefore I am.
thecollectormm.com.au

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Michael Berquez's picture

That pool....amazing. And yep, I hope they use the B&B Italia outdoor furniture in real life.

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Melbman's picture

That pool does look amazing but that will be a very exposed view, especially in winter. Colldddd... haha

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MelbourneGuy's picture

Some work going on this morning. Could be a display apartment or the start of the project, hard to say.

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Ryan Seychell's picture

Couple more renders:

There was an article in todays Age also:

Padlocked park
August 2, 2013
Jason Dowling

While some apartment developments have private pools, tennis courts and gyms, the new Parque (Spanish for park) development, between Wesley College and the US consulate on St Kilda Road, will come with its own 5400-square-metre private park and garden, which will include nearly a dozen elm trees dating back to the mid-19th century. Some are concerned that the ''private park'' could set a poor precedent for a lack of open space in other parts of the city and lead to gated communities.

The development on the former Vision Australia site will include 332 apartments, a 25-metre infinity pool with sweeping views.

Read more: http://www.theage.com.au/victoria/padlocked-park-20130801-2r2bd.html#ixz...

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Nicholas Harrison's picture

Another bizarre attack on high rise development by The Age. Those gardens have always been private property.I never knew there was a lack of open space between Fawkner Park and Albert park!

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Mark Baljak's picture

that green wall and pool is nuts!

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Martin Mankowski's picture

When its finished, I'm so sneaking in there to have a swim. "I'm here to clean ze pool..."

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Mark Baljak's picture

AFR

Melbourne’s Parque hits the mark with luxury buyers

Rebecca Thistleton

>>The two penthouses in Melbourne’s new luxury high-rise have been sold, and a third of the 332 apartments in the complex have been bought off the plan ahead of the official sales campaign.

Malaysian developer SP Setia has also sold most of the three-bedroom apartments in the St Kilda Road Parque Apartments project, which start from $1.3 million.

SP Setia chief executive Choong Kai Wai said his high-end apartments were out-selling the lower-priced apartments in the market, which target first home buyers and investors, because that segment was over-supplied.

>>The first penthouse sold for more than $3 million after the buyer, a businessman living in a neighbouring St Kilda Road sub-penthouse, saw an advertising billboard on the site. The chance to sit down with high-profile architect Karl Fender to discuss the penthouse design was a selling point.

>>Mr Kai Wai said the company was on the hunt for other sites around the Melbourne CBD and fringe, and was also considering a site in Sydney. “We’re constantly looking for land,” he said.

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Melbman's picture

Great news that sales are going well.

Its amazing that the dynamics of a market constantly shift between oversupply and undersupply for different product offerings. In that spot though, it is definately in a good location to try to tap into the premium end of the market.

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Dean's picture

312 of the 332 apartments now sold. They've been really slack. It took a whole month :-)

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Mark Baljak's picture

AFR, probably 100% gone by now

SP Setia, Malaysia’s largest listed developer, has also reported single buyers purchasing four or five apartments each in the Parque development, which will be built on St Kilda Road.

About 96 per cent of the apartments had already sold before the display suite opened in September.

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Mark Baljak's picture

multiplex, probuild, built and icon in the running to build

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Mark Baljak's picture

Parque St Kilda Road apartments designed by Fender Katsalidis almost sold out

Parque, designed by Fender Katsalidis Architects and developed by Setia, has almost sold out. With only a handful of the 332 apartments still unsold, development on the St Kilda Road promenade will begin shortly.
Located on the corner of Moubray Street, Melbourne, the 9000-square-metre site (originally the Institute for the Blind) is one of the largest parcels of land to be developed in this vicinity in recent times.

Read more: http://www.theage.com.au/business/property/parque-st-kilda-road-apartmen...

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Carlo Zeccola's picture

Hey Mark,

Any more info on the builder Setia will choose? I believe the tender process has ended and expecting an announcement on it at the end of this month.

I got myself a 2 bed / 2 bath on the 14th floor to live in. Can't wait.

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Mark Baljak's picture

not yet no

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Darren's picture

Hi,

My wife and I also bought at Parque and very keen to follow the construction. In November I was told a builder had not been selected yet. Hopefully it is close to being finalised and construction can commence. Still will have to wait until 2016 to live in this wonderful complex...looking forward to it!

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Mark Baljak's picture

tenders closed long ago and Icon Construction is the only firm looking for further expressions of interest so they look to have the job

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Carlo Zeccola's picture

Great work Mark, thanks for that!

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Carlo Zeccola's picture

___

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Smacka99's picture

I think Icon have missed out.
Likely to be Probuild

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Mark Baljak's picture

^^ cool, thanks

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Andrew Chong's picture

Hi,

A new member here who is an aficionado of Melbourne skyscrapers. I drove past 555 St Kilda Rd regularly and notice that the sign is still on although it's 100% sold out a while ago. Does anybody know when construction will begin? I read so much about how well the responses were and am a bit surprised nothing much has progressed . It's a beautiful location and hopefully it is an eye candy on St Kilda Rd.

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danke's picture

Yeah Probuild have this one.

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