Asian Pacific Group (APG) has purchased a stake in developer Golden Age Group’s luxury residential project Collins House in Melbourne for an undisclosed sum.
Under the agreement, APG will become a shareholder in the project, which will launch for sale in May 2015.
Designed by Bates Smart, Collins House will rise 195 metres above the heritage Makers Mark building on the corner of Collins Street and Williams Street, which will be retained and restored.
Golden Age Group founder Jeff Xu said the partnership aimed to produce a residential building with hotel-like luxury, building on the strengths of both groups.
Golden Age Group and APG are two of the only companies to have delivered luxury hotels in Melbourne in the past five years, with Golden Age Group developing Melbourne’s five star Sheraton in 2014, and APG bringing six Art Series Hotels to market over the past five years.
“This partnership with Asian Pacific Group adds immense value to the delivery of the luxury lifestyle we have envisaged for Collins House, further strengthening the unique offer in the market,” said Xu.
“It is the beginning of what we see as a long-term relationship creating luxury residential projects with a partner that understands quality and Melbourne.”
Collins House will feature 263 refined luxury apartments across 57 levels and be completed in 2018. With the site spanning just 11 metres wide, the resulting cantilevered building is a glass tower that utilises engineering methods rarely seen in Australia, but that are common in cities such as New York.