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SP Setia's Australian Venture Records 70 Pct Take-up Rate

Last update: 19/06/2017KUALA LUMPUR, June 19 (Bernama) -- Property developer SP Setia Bhd's mixed development project in the Melbourne Central Business District (Melbourne CBD), the Sapphire By The Gardens, recorded an over 70 per cent take-up rate within the first week of launch.

The project was launched simultaneously in Kuala Lumpur, Jakarta, Sydney and Melbourne over the weekend and in Hong Kong, Beijing, Shanghai and Singapore next week.

In a statement today, President and Chief Executive Officer Datuk CJ Khor said the company was confident that the units would be fully taken up in the coming weeks.

Located in the heart of Melbourne, Sapphire By The Gardens is part of a two-tower development, with the second housing the five-star Shangri-La Hotel and comprising 345 luxury apartment units, office and retail space.

With apartment sizes ranging between 50 square metres (sqm) and 660 sqm and prices starting at A$500,000 (1 A$ = RM3.25), the residential component's gross development value (GDV) is estimated at about A$480 million and scheduled for completion by 2022.

Meanwhile, in another development, the company also announced it had won the bid for a 1,714 sq m site in Melbourne CBD for A$61 million.

Khor said the site was slated for a high-rise residential development to be launched during the second half of this year, with an estimated GDV of A$419 million.

"This reaffirms SP Setia's long-term commitment and confidence in the Australian real estate market. We remain positive on the property market in Australia and will continue to look out for more acquisition opportunities," he added.

-- BERNAMA