Second stage of Melbourne Square to be launched next month

Yarra Park City’s RM9 billion ($2.6 billion) Melbourne Square has enjoyed success since its launch in 2017. With the first stage completed and handed over in March 2021, the second stage, a residential tower called Blvd, is set to be officially launched in June 2021. Described as “soft-launched” in May, over 30% of the tower’s 591 units have been booked by Australian buyers.

Occupying 0.6 acres and 73-stories, Blvd has units ranging from 50 sq m to 177 sq m, at prices of A$517,000 to A$3.2 million. Premium units, located on levels 56 and above, will have special facilities including a gym, lounge and dining area, a co-working space, an outdoor park, a 25m swimming pool, a spa and sauna, and a simulator room, cinema and karaoke room.

Yarra Park City plans to enrol for the platinum rating of WELL certification and feature holistic sustainability solutions within the building, such as improved insulation in walls and ceilings, electric vehicle charging and smart-home automation.

“We think it is very important as we have seen a trend in the post-Covid-19 world where people are leaning towards wellness. Wellness has moved from a ‘nice to have’ to a ‘must have’ in people’s day-to-day lives,” CEO Woon Chong Boon says.

The first stage of Melbourne Square, which was formerly an open-air car park space, consisted of 1,054 apartments, a 6,100 sq m retail space and a one-acre park. Of 10% to 12% of buyers, around 10% were Malaysians. The retail space was anchored by a 4,100 sq m Woolworths supermarket, six specialty stores, and a childcare centre. This was then sold to Primewest (now Centuria) for A$70 million.

Part of the original master plan includes six towers offering residential, retail, office and hotel components. Woon said that the master plan has yet to be finalized, as there are still 2.1 acres left to develop, as Yarra Park City looks to meet the demands of the market. Currently, there is demand for residential units, as there has been a shortage of apartments in Melbourne since the reopening of borders in February 2020.

Woon is positive on the market’s long-term outlook, seeing the influx of overseas migrants in the next five years as a potential 900,000 to come to Victoria. He noted that the build-to-rent concept is on their radar as well.

Aside from Melbourne Square, Yarra Park City has acquired two adjoining sites in Southbank, comprising two acres total, for A$97 million, with plans to develop a residential project.

The greater possibilities will attract a larger crowd of families and young professionals to the area.

The announcement of Jurong Region Line (JRL) by the Singapore government has been well-received by many. With 24 stations along the JRL network, residents of Lumina Grand EC and the surrounding area will benefit from faster and convenient travel, allowing them to easily explore around the region. Furthermore, the new line will bring greater connectivity to other parts of Singapore, strengthening the economic tie between the western and eastern parts of the island.

The developer’s main focus will remain Melbourne Square, but they look to expand their land bank in Australia. Woon has stated that there are excellent prospects for residential development in Melbourne due to the overwhelming population growth.