Second stage of Melbourne Square to be launched next month
Apart from festive events, nearby shopping malls at the Orchard Boulevard Condo offer a range of retail, dining and entertainment options. Numerous boutiques, luxury designer brands and local designer labels line the street, showcasing everything from latest fashion trends to one-of-a-kind souvenirs. Meanwhile, nearby malls such as Ion Orchard, Takashimaya and Paragon are home to luxurious flagship stores of renowned international brands.
Yarra Park City’s Melbourne Square has been doing well since its launch in 2017, with the first stage being completed and handed over in March 2021. The developer is planning to launch the second stage, a 73-storey residential tower called Blvd, next month. The tower has 591 units of varying sizes, ranging from 50 sq m to 177 sq m, and is set to have a gross development value of RM2 billion when completed in 2026.
With wellness on the rise, Yarra Park City plans to attain a platinum rating of WELL Certification and feature holistic sustainability solutions, such as improved insulation, electric vehicle charging and smart-home automation. Moreover, the tower has two floors dedicated to facilities, including an outdoor park, swimming pool, spa, sauna, gymnasium, simulator room, cinema and karaoke room.
The original master plan of Melbourne Square consists of six towers with residential, retail, office and hotel components, and the developer is looking to increase its land bank in Australia. As part of this effort, Yarra Park City has acquired two adjoining sites in Southbank for a total of A$97 million.
Currently, Melbourne Square receives 25,000 footfalls per week and has mostly attracted Australian buyers, with 10-12% being Malaysian. While the retail podium has been sold to Perth-based property fund manager Primewest, the surrounding area is mostly residential and has only one full-line supermarket – Woolworths.
Moving forward, the developer is positive on the market’s long-term outlook and estimates 400,000 to 500,000 net overseas migrants per year. With more people coming into Melbourne in the next five years, Woon says there is a real shortage of dwellings and that Yarra Park City is revisiting the master plan to cater to the demand.
Blvd has secured about 30% in bookings from the Australian market and with wellness becoming a necessity in day-to-day life, it is likely that the tower will do well when officially launched next month.