Australia’s property market is considered a more developed one than Malaysia. In fact majority of all property surveys in terms of overseas preference would always have Australia in the midst. For example: Malaysians’ overseas preference:Australia, Singapore, Indonesia and the UK Of course the property market could not be supported if only Malaysians are buying. In fact it receives interest from throughout the world including Chinese (China) too. Another established Malaysian developer, Gamuda Land has just announced to the world about their new luxury residences in the heart of Melbourne’s coveted Chapel St to local Melbournians. 661 Chapel St will be launched in Melbourne in the third quarter of 2016. Gamuda will hold an exclusive sales event in Kuala Lumpur on 18th and 19th of June for potential Malaysian investors who wish to own a property on Melbourne’s most desirable street.
Melbourne was ranked the world’s most liveable city for five consecutive years by The Economist and has become a hub for luxury property investors. The cosmopolitan city scored second highest for inflow of millionaires in 2015, beating Dubai (4th), San Francisco (5th) and Vancouver (6th). With an additional 3,000 millionaires in 2015, Melbourne now boasts a total of 66,800 millionaires residing within the city. The value of homes have risen with auction clearance rates at a consistent high showing a strong and resilient market.
The millionaire trend likely bodes well for luxury real estate in affluent suburbs. For 661 Chapel St, the statistics are certainly favourable as Chapel Street itself is positioned in the wealthy, mature neighbourhood of South Yarra, where indicative median incomes are almost double that of greater Melbourne. Creating further value is the fact that South Yarra was acclaimed “the most liveable suburb” in 2011, due to factors such as excellent connectivity and amenities, a rich cultural mix of cafes, restaurants, galleries and boutiques, as well close proximity to lush parklands and the famed Yarra River.
According to Chief Operating Officer for Gamuda Land, Ngan Chee Meng, “Chapel St has always been alluring for both locals and foreigners alike. The location is an embodiment of a luxurious lifestyle complete with the modern day amenities that are perfect for any family.”
The project’s site location is ideal with a tram stop just outside its doorstep, a mere eight minutes’ walk to the South Yarra train station, less than one minutes’ walk to Woolworths Supermarket and just five minutes’ walk to the Palace Cinema.
The sales event in Malaysia could not have come at a better time since the Victorian Government has announced an impending increase in stamp duty surcharge for foreign buyers from 3% to 7%, from 1st July 2016 onwards.
However, while the stamp duty increase does create an urgency to buy, 661 Chapel St holds its own timeless appeal. Ngan compares the project to a blue-chip investment for several reasons: “661 Chapel St’s position next to Melbourne High School gives us several unique competitive advantages – firstly, the school is unlikely to be re-developed which means our views towards the CBD will remain unobstructed. Almost all unit types at 661 will have panoramic postcard perfect views. Secondly, the prestige of Melbourne High itself, being one of the top schools in Melbourne, is a strong pull factor.” Views are highly revered by local Australians and can command around 20% more than similar units without views; while properties in a good school zone can command approximately 10% more.
For 661 Chapel St’s Malaysian sales event, Gamuda has yet to reveal the full scope of incentives that will be given. However, one of them will be the chance for buyers to turn back time to even before the 3% foreign buyer stamp duty surcharge took place, offered for a limited number of units. There will be a rebate of 3% back to the buyer to offset the current stamp duty and furthermore, buyers will not have to pay the AUD $5,000 foreign buyer fee.
At a gross development value of AUD$154 million, the 30 storey development comprises 142 units of 1, 2, 3 and 4 bedroom units and Penthouses with internal areas range from 40 square meters to 271 square meters.
An impeccably designed home, 661 Chapel St is the embodiment of 6-star living with its modern clean lines and attention to detail, a signature design statement of award winning architects Bird de la Coeur. An additional feature that exceeds all expectations is the fact that 661 is the first residential project in Melbourne to have limited-edition Lalique crystal artworks showcased in its Grand Lobby.
As much as it is an aesthetic wonder, the architects, have created an enriching life within the walls of 661 with their unique Vertical Village concept. The community centric design comes with outstanding facilities for entertaining, hosting dinner parties, a luxurious mini theatre, a 25 meter cantilevered lap pool, gym, sauna, spa pool, a well-stocked double volume grand library and even a climate controlled wine cellar.
Designed to leave a lasting impression, 661 Chapel St promises an experience residents and guests will never forget. From its classic elegant exterior to the inspiring artistic interior, every space is a warm “welcome home” and a testament to Gamuda’s commitment to provide the very highest quality of life.
edited on 6 June 2016
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