Chief executive officer of Setia Melbourne Development Company Pty Ltd, Choong Kai Wai, said the property project, comprising 730 apartments as well as new commercial and retail units would be located at the Melbourne Central Business District (CBD) here.
"Standing at 107 metres tall with 28 storeys, at the site linking Franklin and A'Beckett Street, it is the largest remaining undeveloped site in the central spine of the Melbourne CBD," Choong said during a media familiarisation tour of the Melbourne CBD recently.
Work on the project, covering a site measuring 4,340 square metres, is expected to begin next year with completion due middle of 2014.
The Fultan LN, apart from being a short walk to the Melbourne Central Shopping Centre and railway station, would be also close to the Royal Melbourne Institute of Technology, La Trobe University and Queen Victoria Market.
A preview of the first phase of the property in Malaysia will be held by June 24, he said.
The first phase will comprise 300 units of apartments with a gross development value of A$200 million. Already there are 600 potential takers for the property, said Choong.
"We expect more interest in the property with the coming preview and the scheduled launch in early September in both Malaysia and Melbourne," he said.
Choong also said the commercial units on the ground floor will not be for sale at the moment, explaining that it will be better for the developer to keep retail ownership in order to ensure control over the type of commercial or tenant mix to ensure sustainability to the development.
However, he added that the commercial units may be sold at a later date when development is matured.
"Our selling point is design, location and you get a piece of Melbourne," he said.
The property's architecture was done by acclaimed Australian architect Karl Fender.
On the property, he said it would offer "one one, two and three bedroom dwellings, a green pergola, communal garden, gymnasium, pool and roof terrace with theatrette and communal entertaining kitchen and dining space inspired by Adam D'Sylva, the famous chef in Melbourne."
Choong said SP Setia was also committed to a number of Environmentally Sustainable Building design initiatives to achieve a Green Four Star Certified Rating which incorporates bicycle facilities, grey-water recycling, water tank, natural ventilation, green wall and good energy rating.
Prices for the Fultan LN properties start from A$370,000 for a one-bedroom apartment, while two-bedroom apartments would start from A$515,000 and three-bedroom apartments from A$1.05 million.
"At the moment, we are looking at substantial amount of financing from banks who could give us the most competitive rates," he said, adding that this will be finalised soon.
Choong said SP Setia was in Australia for the long haul and was keen on property development in Melbourne and Sydney.
By Bernama
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