Second stage of Melbourne Square to be launched next month

Yarra Park City’s RM9 billion ($2.6 billion) Melbourne Square has been successfully launch since 2017. Offering a five-acre freehold development in Southbank, Melbourne, the project has a total GDV of A$2.8 billion. With the first stage fully handed over, the developer is now focusing on the launch of the second stage – a residential tower called Blvd – next month. With a GDV of RM2 billion, the 73-storey tower is set to be completed by 2026 and provides an outdoor park, a 25m swimming pool, a spa and sauna, a gymnasium, a simulator room, a cinema and a karaoke room.

So far, the soft-launch of Blvd is doing well, registering around 30% bookings in the Australian market. The tower offers 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. Most floors will have 11 units, but levels 56 and above has been marketed as ‘premium units’ – with only six units per floor. Two floors will be dedicated to facilities, while level 55 will also offer a gymnasium, lounge and dinning area as well as a co-working space open to all residents.

Further, Yarra Park City is aiming to enroll into the platinum rating of WELL certification and feature a suite of holistic sustainability solutions within the building such as improved insulation, electric vehicle charging and smart-home automation. The trend for wellness has been moving towards a ‘must-have’ for people’s day-to-day lives, according to Yarra Park City CEO Woon Chong Boon.

The first stage of the project, which previously was an open-air car park space, consists of 1,054 apartments, a 6,100 sq m retail space and a one-acre park. The residential component is almost fully booked, with 10-12% of buyers being Malaysians. The retail space, anchored by the 4,100sq m Woolworths super market, 6 speciality stores and childcare centre, has welcomed 25,000 footfalls per week. In December 2020, the retail podium was sold to Perth-based real estate fund manager Primewest for A$70 million.

The original master plan of Melbourne Square consists of six towers featuring a combination of residential, retail, office and hotel components. With demand for residential units and a shortage of apartments in Melbourne since the reopening of borders, the market is being revisited and there are still 2.1 acres left to develop, with a focus on build-to-rent.

Yarra Park City is also increasing their land bank in Australia, having acquired two acres in Southbank, consisting of two adjoining sites, for a total of A$97 million. Currently, the sites are being leased out for investment income, with plans to develop the sites for residential use in the future.

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Overall, the developer is positive on the long-term outlook of the property market in Melbourne due to the estimated 90,000 net overseas migrants to Victoria annually in the next five years. With the vacancy rate coming at less than 2%, the influx of people will require additional dwellings to be built. Yarra Park City is therefore pushing forward with the development of Melbourne Square and is looking to acquire more sites.