Toorak apartments 'relatively cheap' for Asians: Singaporean developer
The Singaporean developer undertaking a $70 million boutique apartment development in Toorak says Melbourne luxury apartments are “relatively cheap” compared with what they cost in Asia.
Sin Heng Chan (SHC), which has development projects across Asia, has partnered with local developer Chapter Group and architects K2LD to launch The Springfield, in Melbourne’s most prestigious suburb.
The four-level development on the corner of Springfield Avenue and Orrong Road has just 19 residences with prices starting from $1.9 million, for a 160-square-metre, two-bedroom unit, to a 300-square-metre penthouse costing $6.5 million.
The planned Springfield development in Toorak will have 19 apartments.
The developers paid $15 million for the 3600-square-metre site, comprising three lots at 661-663 Orrong Road, just around the corner from Melbourne’s most expensive residential address, St Georges Road, Toorak.
SHC managing director Eng Bak Chim said recent sales of luxury apartments in Singapore had occurred at price points of between $23,000 to $35,000 per square metre.
“At $13,000 to $15,000 per square metre in Toorak it’s relatively cheap,” Mr Eng said.
He added that there were only 2000 of these types of large luxury apartments in Singapore. “There’s something of a snob appeal for Singaporeans buying a home in Toorak,” Mr Eng said.
His comments follow the latest Wealth Report by Knight Frank which found that Sydney and Melbourne had become more affordable luxury property destinations for the world’s rich relative to other locations. According to the report $US1 million ($1.3 million) buys a 110-square-metre apartment in Melbourne, but just 20 square metres in Hong Kong and 26 square metres in New York.
Mr Eng is the son of 99-year-old Eng Liat Kiang, who founded SHC as a sugar and rice trader in the 1950s before expanding into property development with projects in Singapore, China, Indonesia and Malaysia.
The Springfield is one of a number of boutique Melbourne developments targeted at wealthy local downsizers. Recently Russian-backed Optimus Developments launched a 13-level apartment project off St Kilda Road offering just one residence per floor, with prices starting from $2 million.
The boutique Toorak development’s luxury features include large kitchens catering for entertaining, butler’s pantries, marble and oak finishes and basement parking for multiple cars.
The penthouses will have parking space for six cars and options to include a climate-controlled wine room or a Kosher kitchen.
Chapter Group and SHC came together through a business relationship forged between director and architect David Lee, who designed SHC’s Doncaster apartment project, and Mr Eng.
“We were aware SHC was coming into the Melbourne market and we shared similar values. They had strong financial backing and credibility and were able to move very quickly on this opportunity,” said Dean Lefkos, a fellow director at Chapter Group.
Mr Lee said it was rare to find a 2400-square-metre block in Toorak.
“It’s a suburb filled with large, established homes and lacking in housing diversity. We’re offering alternative apartment living for Toorak people.”
Architect Tisha Lee took inspiration from Chicago architect Frank Lloyd Wright’s famous home Falling Waters, which blends into its natural surroundings, when designing the project.
