Malaysian-backed developer Beulah International has received $100 million in financing from Maybank for its luxury apartment tower, Paragon, in Melbourne's CBD.
With close to 90 per cent of apartments purchased during the registration of interest campaign, the $200 million development will now see 227 luxury apartments built across 48 levels.
The Melbourne-based developer purchased the historic 318 Queen Street site for $25.6 million two years ago.
The backing, from Malaysia's largest bank, Maybank, enables Beulah to press forward with construction while Melbourne's property market is soaring.
“The ongoing international support highlights the potential overseas investors see in Melbourne,” Beulah International managing director Jiaheng Chan said.
Maybank corporate banking managing director Michael Oh-Lau Chong Jin said the success of Gardenhill, which was also funded by the bank, was the main driver in the lender’s backing of the new Paragon project.
The Fender Katsalidis-designed tower will feature an urban forest by landscaper Paul Bangay, complete with tall trees, vertical garden, and outdoor seating.
The project has already drawn much interest with early sales success the result of the developer targeting young buyers and helping them break into the market.
Beulah allowed 20 buyers to purchase apartments with a $1 deposit, with the remainder of an at least $56,000 deposit required within 24 months time.
Construction has commenced and completion is expected in the third quarter of 2020.
Beulah is also pressing ahead with a $2 billion Southbank mixed-use development after purchasing the site for about $100 million last year.
The company has sold 70 per cent of its high-end Fawkner house project in South Yarra, and secured a $16 million sale price for its luxury penthouse after launching to market last month.