Fragrance’s move shows that the Singapore-listed developer is confident in Melbourne’s residential market despite lingering fears over a supply glut. (Image: Colliers International)
Fragrance Group plans to launch a 47-storey residential tower in Melbourne’s central business district close to the Southern Cross train station, reported The Australian.
Located near a tram line, the 625-unit project sited on a 2300-sqm prime site at 555 Collins Street will also come with retail space on the first level and will be marketed by Colliers International.
Its amenities will consist of a basement car park, a lap pool, hot and cold plunge pools, a gym, steam room, massage room, wine room and media room.
Fragrance’s move shows that the Singapore-listed developer is confident in Melbourne’s residential market despite lingering fears over a supply glut.
According to BIS Oxford Economics, apartment completions in the state of Victoria where Melbourne is situated are expected to reach its highest level this year. CoreLogic also revealed that prices of existing residential properties there slid by 2.5 percent in Q2 2017.
Moreover, Fragrance Group recently acquired the building that houses the University of Tasmania’s Conservatorium of Music, which can be redeveloped into an office, retail, hotel or residential project.
The group’s ibis Styles Hobart hotel in Tasmania also started its operations in June.
The 10-storey property comes with 296 rooms, making it the largest hotel in the city of Hobart. Besides Wi-Fi access, it features two saunas, a gymnasium and an indoor heated lap pool on the rooftop.
Another property developer still bullish on Melbourne’s housing market is Malaysia’s OSK Property, which intends to construct a mixed-use project in Melbourne’s Southbank over the next ten years.
This article was edited by Denise Djong.