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SP Setia’s Ever Expansion In Melbourne

FOLLOWING the grand opening of Parque Melbourne, S P Setia’s second project in Melbourne, the developer is keen to expand its territories in Australia, with its main focus in the world’s most liveable city.

S P Setia Bhd non-independent non-executive chairman Tan Sri Datuk Dr Wan Mohd Zahid Mohd Noordin said Melbourne’s status as the six-year consecutive winner of the most liveable city reaffirmed Setia’s strategy in expanding in Australia, in particular Melbourne.

Setia (Melbourne) Development Company Pty Ltd chief executive officer Choong Kai Wai said the housing market in Australia is slightly different from Malaysia.

He said the local buyers are rarely multiple buyers. They buy one property and then maybe introduce good developments to their friends.

S P Setia Bhd president and chief executive officer Datuk Khor Chap Jen said it is important to build credibility to earn the trust of the locals, in which Setia has been steadily progressing through its two successful completed projects.

He added that Australia has a more mature “10-90” scheme, in which purchasers pay 10% down payment upon signing the sale and purchase agreement (SPA) and clear the balance of 90% after the completion of the property.

He explained the subscriber of “10-90” in Malaysia could still forfeit the 10% down payment, where as purchaser in Australia is bound to commit to the purchase unless the developer fails to complete the project in a stipulated time, which lessens the chance of an abandoned project.

Parque Melbourne: Footsteps away from greenery

With the recent celebration of its grand opening in November, Parque Melbourne is S P Setia’s second completed and sold-out project in Melbourne after the successful inaugural development, Fulton Lane.

Located at St Kilda Road, the two-acre residential development attracted significant interest from local buyers.

“Parque represents the very best of apartment living here at Melbourne and captures and defines the spirit of Melbourne,” said CBRE managing director of residential projects Andrew Leoncelli.

Maison Carnegie: A low-density development in an upscale neighbourhood

As Setia’s third Melbourne project, the low-rise residential development launched this September offers 48 units of apartments. It has achieved over 65% take-up rate despite reports of a slower growth in the apartment market segment.

The site sprawled across a total of 2,074 sq m and was designed by Fender Katsalidis Architects (FKA). The development provides one-bedroom, two-bedroom and three-bedroom units at an average price of RM2,546 per sq ft. The facilities include 53 units of car park, as well as bicycle and storage space.

308 Exhibition Street & Prahran: Largest Melbourne CBD east-end development site

SP Setia’s acquisitions of 308 Exhibition Street and Prahran in Melbourne Central Business District (CBD) provides a golden opportunity for SP Setia to deliver another development par excellence in Melbourne.

The largest east-end CBD development site in Melbourne to be sold in over a decade, 308 Exhibition Street offers:

  • 160-acre green frontage of Unesco World Heritage listed Carlton Gardens and Royal Exhibition Centre.
  • The vibrancy of Chinatown precinct, the historic Greek precinct and Melbourne’s own Little Italy (Lygon Street)
  • Neighbored by some of Melbourne’s most prominent commercial, university and government headquarters including the historic Parliament House, Melbourne University, RMIT and Victoria’s best hospitals.
  • Myriad of public transports with proximity of rails, trams, bus routes and Melbourne’s major arterials and freeways.

The development is slated to be launched in 2H2017 and is estimated to have a gross development value (GDV) of A$640mil (RM1.91bil) .

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