Sydney property developer Abadeen has made the move into Victoria with two off-the-plan developments heralding its move south of the border.
The first is an residential development of seven apartments at Malvern East, 13km south-east of Melbourne’s CBD.
Designed by Melbourne architects Ewert Leaf, the Malea apartments [pictured] will be priced from $2.5 million with a top-floor penthouse for $6.5 million.
The second is a 24-apartment block at 646 High Street, Prahran East, 5km south-east of the city centre.
The proposed development comprises a mix of one and two-bedroom units in the four-storey block.
Abadeen said the developments “capitalise on the current resurgence of interest in luxury off-the-plan residences”, particularly with downsizers.
Permits have been secured for the projects, which have a combined value of $100 million, according to the developer.
Construction on Malea is due to start in March, while town planning applications for 646 High Street will be lodged in the first quarter of next year.
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To support its Victorian expansion, Abadeen has employed Andrew Leoncelli [pictured above] as managing director of the Victorian division.
Leoncelli served as the director of the Melbourne Football Club as well as development manager for Hamton Property Group, and spearheaded CBRE’s residential projects business in Victoria.
A prolific developer predominantly on Sydney’s North Shore, Abadeen this year secured approvals for the $22-million second stage of a mixed-use shoptop development in the area, and launched a build-to-rent platform in the market in June this year.
The company said the expansion into Victoria “aligns with the company’s national growth strategy, having successfully delivered 80-plus high-end projects during the past 28 years, totalling more than $3 billion of premium commercial, residential, and mixed-use developments”.
