OSK Property has released more than 1000 stage one apartments to market as part of its $2.8 billion mixed-use Melbourne Square project.
The developer has seen $450 million in stock snapped up since launching to market last month, with 451 apartments selling for a total $450 million.
Four of the 20 total penthouses, ranging in size from 220sq m to 600sqm, have sold for $11.9 million.
OSK Property general manager Michael Longmire said that the sales response has been strong, particularly from the owner-occupier market.
“We really believe Melbourne Square will be a change agent in Southbank, delivering much needed amenity that brings families into the suburb. Certainly, the early sales analysis confirms that,” he said.
Fears of an oversupply in Melbourne’s inner-city apartment market have been downplayed by CBRE managing director of residential projects Andrew Leoncelli. Despite a recent Hotspotting report naming Southbank as a suburb “investors must avoid”, Leoncelli said that new apartment listings were leased at a “phenomenal” rate.
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Stage one of the $2.8 billion Melbourne Square project incorporates two residential towers inclusive of childcare facilities, dining and retail precincts, along with the 70 premium apartments and 20 penthouses.
Melbourne Square will feature six towers of varying heights as well as a 3700sq m public park for Southbank.
In October, OSK appointed global contractor Multiplex to build the $500 million first stage.
OSK has the support of one of the largest sovereign pension funds in the world, the Employees Provident Fund Malaysia, which purchased a 49 per cent stake in the project for $154 million last year.
The completion of stage one is expected by August 2020.