Second stage of Melbourne Square to be launched next month

Melbourne Square, a five-acre freehold development located in Southbank, Melbourne, is doing well since it was launched in 2017. The developer has plans to officially launch the second stage, a residential tower called Blvd, next month. This 73-storey tower has a Gross Development Value (GDV) of RM2 billion, 591 units with built-ups ranging from 50 sq m to 177 sq m, and selling prices of A$517,000 to A$3.2 million. Two floors are dedicated to facilities such as a outdoor park, a 25m swimming pool, a spa and sauna, a gymnasium, a simulator room, a cinema, and a karaoke room.

Blvd has had approximately 30% in bookings from the Australian market since its soft-launch in May. Yarra Park City CEO Woon Chong Boon reveals, “We have seen a trend in the post-Covid-19 world where people are leaning towards wellness. Wellness has moved from a ‘nice to have’ to a ‘must have’ in people’s day-to-day lives.” In response to the trend, Yarra Park City plans to enrol in the platinum rating of WELL certification and feature holistic sustainability solutions within the building such as improved insulation in walls and ceilings, electric vehicle charging, and smart-home automation.

The first stage of Melbourne Square, previously an open-air car park space, comprises 1,054 apartments, a 6,100 sq m retail space and a one-acre park. With a Gross Development Value (GDV) of A$2.8 billion ($2.6 billion), this space is almost fully taken up in residential units with 10–12% of buyers being Malaysians. The retail space is anchored by a 4,100 sq m Woolworths supermarket, six speciality stores, and a childcare centre, Nido Early School. Melbourne Square receives about 25,000 footfalls per week and Primewest, now known as Centuria, is appointed to manage the retail space.

The original master plan of Melbourne Square consists of six towers offering residential, retail, office and hotel components with 2.1 acres left to develop. Woon explains, “It all depends on the product in demand going forward and we will cater our offering to that demand.” With wellness becoming increasingly integral to people’s lifestyles, he adds that there is demand for residential units currently as there has been a shortage of apartments in Melbourne since the reopening of borders in February last year.

For those interested in Senja Residences EC, there are a few financing options available. One of the most popular is the loan-servicing scheme, which allows for the borrower to pay off the loan in instalments instead of in one lump sum. This allows buyers to pay off the loan over time, instead of making a substantial payment all at once. The loan-servicing scheme also offers buyers flexibility in case their financial standings change.

Yarra Park City plans to increase its land bank in Australia and has acquired about two acres in Southbank, consisting of two adjoining sites for a total of A$97 million. Woon is optimistic about the market’s long-term outlook, giving an estimated 1.5 million net overseas migrants wlll be coming into Australia in the next five years, with 400,000–500,000 coming to Melbourne.

“With more people coming into Melbourne, more dwellings will be required. The prospects for property are always there. Therefore, in terms of [residential] development in Melbourne, we are very positive. Hence, it is also the reason why we acquired the [two-acre] sites last year.”

With the first stage of Melbourne Square completed and handed over in March 2021 and the second stage soon to be launched, Yarra Park City is looking to the future with optimism. With wellness becoming an integral part of people’s lifestyles and net overseas migrants continuing to flow into Melbourne, the developer has managed to secure a good position as it looks to increase its land bank in Australia.