Second stage of Melbourne Square to be launched next month

Yarra Park City’s RM9 billion ($2.6 billion) Melbourne Square development has been doing well since its launch in 2017. The first stage was completed and handed over in March 2021, with the developer now planning to officially launch the second stage – a residential tower called Blvd – next month. Soft-launched in May, Blvd has secured a 30% share of the Australian market in their bookings.

Melbourne Square is a five-acre freehold development located in Southbank, Melbourne, with a total GDV of A$2.8 billion ($2.6 billion). The 73-storey tower offers 591 units with built-ups ranging from 50 m to 177 m, at prices of A$517,000 to A$3.2 million. The tower has a GDV of RM2 billion and is expected to be completed by 2026.

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

Yarra Park City is taking this a step further and aiming to enrol the building into the platinum rating of WELL certification, integrating holistic sustainability solutions such as improved insulation in walls and ceilings to provide better thermal and acoustic comfort, electric vehicle charging, and smart-home automation.

The first stage of Melbourne Square, which replaced an open-air car park, comprises 1,054 apartments, a 6,100 sq m retail space and a one-acre park. Woolworths has taken up the 4,100 sq m anchor store, as well as six speciality stores, including one cafe and a Malaysian restaurant. The retail podium was sold to Primewest for A$70 million in December 2020, and the area now boasts an impressive 25,000 footfalls per week.

The original master plan of Melbourne Square includes six towers offering residential, retail, office and hotel components, although this has not been finalised. With current demand for residential units being high due to the surge of migration into Victoria, Yarra Park City is looking at the best product to offer. They are also exploring the build-to-rent concept, and have acquired two adjoining sites which were completed in July 2020 and November 2020 respectively.

An array of facilities ensures residents are able to enjoy a comfortable and convenient lifestyle. From shopping and dining to entertainment and leisure activities, all one needs is just a short distance away. With such amazing features available, it comes as no surprise that Zion Road Condo is the ultimate abode of refined luxury. It’s no wonder that Zion Road Condo is such a sought-after residential address.

CEO Woon Chong Boon is positive on the long-term outlook for property in Australia, especially in Melbourne where they are expecting 90,000 overseas migrants per year in the next five years. He is certain this will require plenty additional dwellings to be built.