Hong Kong-based GH Properties is set to embark on its debut Australian residential high-rise project with plans for a luxury $175 million, 20 level apartment tower at Milton, located two kilometres from Brisbane’s CBD.
GH Properties, who recently purchased Noosa Springs Golf Resort and The Links Hope Island Golf Club, is ahead of schedule with its Brisbane project called
Icon Milton comprises 251 one, two and three-bedroom apartments across two 20-storey towers linked by landscaped sky bridges and a rooftop garden.
GH Properties director Feng Di said the decision to move ahead with Icon Milton was underscored by growth in demand in Brisbane’s luxury apartment market and movement away from purely investor driven product that had dominated the marketplace for the past few years.
“We are keen to meet demand for luxury apartments in the inner suburbs of Brisbane as the city’s real estate market continues to strengthen,” Mr Feng said.
“We are confident the project’s blue-chip location will resonate with end users and astute investors who understand high quality properties in superior locations such as Icon Milton will outperform the general market from both lifestyle and investment perspectives.
“Brisbane’s infrastructure has also matured and the city has subsequently cemented its position on the international map.”
Icon Milton marketing agent Peter Malady said the top-end project would target the luxury owner-occupier and investor markets.
“Milton is on the doorstep of several vibrant cultural precincts and Icon Milton’s residents will be within walking distance of the Park Road dining precinct, Southbank Parklands, Paddington’s boutiques, Suncorp Stadium and the CBD,” he said.
“The focal point of the project will be its extensive landscaped areas including the rooftop garden and resort pool, as well as a 25 metre lap pool and gymnasium set in a landscaped tropical oasis.
“In addition, many residences will offer panoramic city and river views.
“From a lifestyle perspective there is an obvious appeal to the end user market, including young professionals working in the CBD and downsizers who want to be in the heart of the action while retaining a sense of space.
“The connectivity of the location with numerous walking paths, bikeways and public transport such as Milton Station nearby certainly adds to the appeal of Icon Milton.
“Investors will be encouraged by high rental demand in Milton which has driven its rental vacancy rate for apartments down to less than one per cent.”
Apartment prices are yet to be finalised but are expected to be above $300,000.
The apartments, designed by architecture firm
Jackson Teece, will offer open-plan living, luxury fittings, expansive balconies and large windows to enhance natural light and ventilation.
Construction of Icon Milton is set to commence in mid 2015.