Singapore developer Aspial Corporation has revealed plans to expand its Australian pipeline via its subsidiary World Class Land during the launch of the A$1 billion (S$1.02 billion) Australia 108 tower, reported The Australian.
Situated in Melbourne’s Southbank, the tower is poised to be Australia’s tallest residential building at 319 metres tall. The development will feature 1105 apartments, including a penthouse which was acquired by a Chinese businessman for A$25 million (S$25.45 million) this year – an Australian record.
“We are considering some sites but it depends on the opportunities. We have two sites in Brisbane, one in Cairns and two in Melbourne,” said Aspial chief executive Koh Wee Seng. He noted that the group is also looking at making an entry into Sydney.
“Overall Australia is a very good place…The environment, friendly people, established people, it is a place where a lot of people aspire to stay,” he said, adding that the decision by the federal government to charge an additional stamp duty on foreign buyers has not dissuaded the group. He said he even supports the measure.
“I think it’s a good thing for the market and we feel the government is doing a good thing for the country.”
Brookfield Multiplex is the builder of Australia 108, while Fender Katsalidis Architects created the design for the project. CBRE, on the other hand, handled the project’s off-the-plan sales campaign.
Andrew Leoncelli, CBRE managing director of Victorian residential projects, said only 25 apartments remain to be sold at the project. “We’ve got a selection of the three and four-bedroom product remaining,” he said.
“The CBD continues to get huge demand for investors and the international market.”
Image: Melbourne skyline