Property Development

Mirvac Plans New Apartment Building in $900m Development

Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-04-30 15:56:55

The weakening residential sector has seen many a developer change course in recent times, while those sticking to residential offerings are skewed heavily towards the owner-occupier market.

Mirvac general manager of residential Victoria Elysa Anderson said there’s demand from downsizers’ for apartments with the newest building, Folia, designed for the owner-occupier market.

“Folia offers a diverse range of apartment configurations and generous floor plans that provide a genuine alternative to a traditional home,” Anderson said.

Mirvac originally secured the 47-hectare former golf club site for around $100 million in 2011. Anderson said more than 20 per cent of which will be devoted to green open spaces.

A Mirvac spokesperson said the new building will join the planned 850 residences of the precinct of which more than 570 lots have sold to date.

Construction of Folia is expected to commence late 2019 with completion scheduled for April 2021.

The building will offer a mixture of one, two and three-bedroom apartments, starting from around $395,000 and range up to approximately from $995,000 for a three-bedroom.