This article is from the Australian Property Journal archive
MALAYSIAN property developer Gamuda Land is planning a mixed use development for South Melbourne, after making second purchase in Melbourne for an undisclosed price.
The move comes after Gamuda Land’s first project in the country, at 661 Chapel Street in South Yarra, was completed in 2018.
The new project, at a yet to be disclosed location, will be built with an emphasis on sustainability and include biophilic design principles reflecting the company’s Green Plan, which aims to reach a 40% reduction in CO2 emissions by 2030, to be achieved through sustainable master planning, shared facilities and green features.
“We are continuously searching for opportunities to deliver projects that achieve these sustainable goals in a way that also delivers strong value for our residents. Even beyond this acquisition, we are keen to find more sites,” said Ngan Chee Meng, CEO of Gamuda Land.
Additionally, the project will contribute to Gamuda Land’s #OneMillionTrees initiative, which was launched in 2021 with the goal of planting one million trees across its portfolio by the close of 2023.
The sustainable and community focused mixed-use development will incorporate lessons learned from their 2018 maiden project, which was built to best take advantage of surrounding amenities including hospitality, entertainment and retail offerings, meeting Melbourne’s demand for urban living.
The project will also aim to provide communal and residential spaces that meet the changing work and lifestyle needs of Australian’s since the onset of the global pandemic.
With the 661 Chapel Street development also proved a strong buyer demand for multi-functional spaces and hybrid home-offices.
“The pandemic has seen strong growth in Melbourne’s property prices which has put pressure on younger demographics especially. We observe this and are confident in our vision to create a community that focuses on a local driven market,” said Ngan.
