sp setia kicks off construction at 565m project with near sell out

The towers will be connected by a “sky lounge” on level 46 overlooking the UNESCO world heritage listed Royal Exhibition Building and its surrounding Carlton Gardens.

Limited apartments are left in Sapphire By The Gardens, mostly penthouses with higher selling prices.

“The secret behind Sapphire By The Garden’s success, with over 95 per cent of the project sold, was the substantial underlying demand for premium, highly-liveable and world class residential apartments in Melbourne’s CBD.”

“The market wanted a high-quality product and we’re proud to have delivered that at this site.”

A penthouse in the tower has been picked up by an overseas buyer for $14.8 million, with another, which comes with 10 car parking spaces, carries a price tag of $29 million, making it the most expensive apartment on the Melbourne property market.

SP Setia acquired the high-profile 4000-hectare site at 308 Exhibition Street – which features frontages to Exhibition and La Trobe Streets, in May 2016 from Telstra.

“Today’s ground-breaking ceremony represents a significant milestone for Setia and further signals our commitment to developing a pipeline of projects that are highly sought after by the Australian market,” S P Setia’s Australian chief executive Choong Kai Wai said.

Multiplex has been selected to complete the tower, which was designed by Cox and Fender Katsalidis architects.

“As one of Multiplex’s largest projects currently under way in Australia, it is set to generate significant employment throughout its construction and beyond.”

Construction is anticipated to take three years, and is expected to provide over 1000 jobs.

This is also the SP Setia’s fifth and biggest project at Melbourne’s CBD creating a gross development value of $2.3 billion over the past 10 years.

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