Beulah International has sold 70 per cent of its high-end Fawkner house project, and secured a $16 million sale price for its luxury penthouse after launching to market last month.
Proving there is steady demand in the prestige property market, Beulah has sold seven of the ten high-end South Yarra apartments with prices starting at a staggering $4.9 million.
Despite reports of a slowing apartment market, Beulah International founder Adelene Teh said the sales reaffirm the group’s view there’s a market for luxury offerings with proximity to key amenities.
“We’re witnessing an increase demand for prestige property in established blue chip suburbs, but more so in the apartment sector as people are beginning to understand the convenience of living in an apartment building,” Teh told The Urban Developer.
The medium-density development comprises eight three-bedroom apartments and two four-bedroom penthouses, after Teh’s team drastically scaled back the development plans.
“Not only did we remove an entire level to make the ceilings higher, we reworked the floor plans from 36 apartments to 10 hyper-luxury, house-sized residences,” Teh said.
Plans for the $16 million penthouse include a custom-designed “house in the air” with views of Fawkner Park.
Beulah’s founder believes the prestige market will continue to increase across the next 18 months.
“We’re witnessing a shift in lifestyle, people are travelling more and they appreciate an urban lifestyle, where they like to be close to everything – late night shopping, award-winning restaurants and cafes and of course, less commute time.”
There are several ultra-luxe apartment developments in the pipeline across Melbourne.
Beulah is soon to announce the winner of its heavy-hitting architecture shortlist for its $2 billion mixed-use project in Southbank.