Malaysian-backed developer Beulah International has broken ground on its $200 million Melbourne CBD development Paragon.
The new residential tower will sit at the former site of the Celtic Club at 318 Queen Street, which was purchased for $25.6 million two years ago.
The project received $100 million in financing from Malaysia's largest bank Maybank, enabling the developer to fast track construction of 227 luxury apartments across 48 levels.
The development, designed by Fender Katsalidis and landscaper Paul Bangay, is being be built by construction giant Multiplex who won the contract in August following a competitive tendering process.
“Our vision for Paragon follows the same principles as all our projects, that is that each should transform into a place for people to enjoy, something that adds value to their lives rather than just being another building,” Beulah executive director Adelene Teh said.
“We always look to push the boundaries, and working with both Paul Bangay and Fender Katsalidis has allowed us to do this, with both the indoor forest, and limited density per floor giving almost all residents a prized corner vista.”
Construction is expected to be completed in the third quarter of 2020.
Beulah has also selected the winner of its international design competition for its $100 million 6,061sq m Southbank site.
Dutch firm UNStudio and Melbourne-based Cox Architecture’s proposal "Green Spine" was selected by the jury from six shortlisted proposals.
The winning proposal is yet to be submitted for planning assessment, but if approved, will become Australia’s tallest building, superseding Q1 on the Gold Coast, which reaches 322 metres.