This article is from the Australian Property Journal archive
BEULAH has racked up nearly $1 billion in off-the-plan sales at its Southbank skyscraper on the edge of the Melbourne CBD that will become the tallest in the southern hemisphere.
More than 80% of apartments are now sold at the dual-tower project, named Sth Bnk. The tallest of the two will soar 365 metres, and the accompanying 63-storey tower will hit 295 metres.
They will comprise 701 apartments, offices, retail and a Four Seasons Hotel. The apartment sales have ranged from $15 million to Melbourne-record $38 million. The average price point is $1.5 million, with some sales at $534,000.
Three-bedroom and four-bedroom apartments are amongst some of the most popular layouts, with a number of buyers amalgamating or customising interiors. Limited opportunities remains for one- and two-bedroom apartments in the most recent release.
Many of its purchasers are in their mid-30s to 40s, according to Beulah, ranging from local Southbank residents and early downsizers from inner Melbourne looking to upgrade their lifestyle, as well as regional Victorians in search of a “holiday home amongst the clouds”, as well as interstate and international purchasers looking for an investment or relocation.
Beulah executive director, Adelene Teh, said the strong sales performance is reflective of the growing demand for luxury apartments that offer something distinctly different, while being centrally located within the Melbourne CBD.
“Sth Bnk By Beulah is redefining what can be made possible by exploring true vertical living. By providing a mini metropolis that truly has everything within walking distance, individuals can spend more time on what matters most, as opposed to travelling or commuting,” The said.
Malaysian developer Beulah awarded construction giant Multiplex the building contract in August for the $2.7 billion project. Early works are due to commence in early 2024 and will take around five years to complete.
Beulah’s twisting green spine design was the brainchild of a collaboration between Dutch architects UNStudio and local firm Cox Architecture.
