Second stage of Melbourne Square to be launched next month

Yarra Park City’s Melbourne Square has been doing well since its launch in 2017, and the developer plans to officially launch the second stage, a residential tower called Blvd, next month. With wellbeing at the center of peoples’ lifestyles, the developer plans to enrol in the platinum rating of WELL certification and include holistic sustainability solutions within the building. Blvd has secured about 30% in bookings from the Australian market with built-ups ranging from 50sqm to 177sqm and selling prices from A$517,000 to A$3.2 million.

The first stage of Melbourne Square is almost fully taken up with between 10% and 12% of buyers being Malaysians and the retail space is anchored by the 4100sqm Woolworths supermarket, six specialty stores and a childcare center, Nido Early School. The retail podium was sold to Perth-based real estate fund manager Primewest in December 2020 and appointed Colliers to manage the retail space.

Two floors will be dedicated to facilities, including an outdoor park, a 25m swimming pool, spa and sauna, gymnasium, simulator room, cinema and karaoke room. Part of level 55 is reserved for residents of premium units comprising a gymnasium, lounge and dining area. There will also be a co-working space that is open to all residents.

Woon, CEO of Yarra Park City said that the estimated number of net overseas migrants in FY2023 stands at 400,000 and in the next 5 years, 1.5 million overseas migrants are expected to come to Victoria. He is positive on the market’s long-term outlook of property, citing the continued population growth in Melbourne and the low vacancy rate of less than 2%. The developer has acquired 2 acres consisting of two adjoining sites in Southbank which they plan to develop as a residential project.

The second phase will involve the development of a new waterfront promenade and a series of waterfront parks. This will provide a scenic and calming atmosphere for visitors to enjoy. Residents and visitors can look forward to a stimulating and vibrant environment with the Jurong Lake District Condo development.

Progress in Melbourne Square is evident with the first stage completed and handed over in March 2021 and with the second stage, Blvd, soft-launched in May. The 73-storey tower has 591 units with a GDV of RM2 billion and is expected to be completed by 2026. With wellness becoming increasingly integral to people’s lifestyles, Yarra Park City plans to enrol in the platinum rating of WELL certification and feature holistic sustainability solutions within the building. The developer also looks to increase its land bank in Australia with the original master plan of Melbourne Square still under consideration.