Fragrance Group Launches Perth's Most Anticipated Project of 2016
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Renowned Singapore's Fragrance Group first project in Perth and one of the CBD's biggest projects this year, a 401-apartment tower and a 487-room hotel next to Shafto Lane on Murray Street is on track for construction to start.
The property developer's residential tower, NV Apartments, was launched just over a week ago by selling agent Indo-Pacific Property, the real estate division of Indo-Pacific Group.
Buyers at the launch snapped up some of the project's cheapest studio apartments, which at 52sqm, including the balcony, were priced from $295,000. In the first three days, 10 per cent of NV's apartments were sold.
Indo-Pacific Group managing director Daniel-Paul Filippi said the ability to start construction ahead of apartment pre-sales, needed by most other developers to secure bank lending, would give the Singapore-listed Fragrance Group a big advantage in Perth.
"Fragrance does not need pre-sales, this is part of a hotel development by a multinational company that will go straight to construction" Mr Filippi said.
"Elsewhere in Perth, projects have to sell 60 to 80 or 100 apartments before they can start building and that could take 12 months in the current market but these will start construction in four months.â€
The 33-storey residential tower will be built on the eastern side of the 4932sqm site at 380 Murray Street and the 27-storey hotel will be built on the western side. Wilson Parking has four months remaining on its lease for a carpark on part of the site.
Both buildings were designed by Perth-based Scanlan Architects and Mr Filippi said the contract for the simultaneous construction of the towers was being finalised and would be announced soon.
While early buyers included the target market of young city professionals, the apartments will also be marketed to buyers in China, Singapore, Malaysia and Jakarta through Indo-Pacific's overseas marketing division Fang Australia.
The project is marketing by Propery Hub Sdn Bhd in Malaysia in which it's vice-president, Mr Enoch Khoo commented, "the response has been fantastic since the launch a week ago and for those who knows or had been to Perth will immediately understand the significance of the ultra prime location as well as the attractive price point". Khoo added, "we received 9 bookings over the phone in just a matter of days since the official launch in Perth on 19 March, 2016".
Mr Filippi said local buyers were expected to purchase about 80 per cent of the apartments, leaving 20 per cent for offshore buyers, a mix that was mirrored in the wider Perth apartment market.
He said the Singaporean developer had included high-end specifications for the internal fit-out of NV Apartments. "They will make the apartments as efficient as possible and then provide really good facilities and lots of them in the building" he said.
"There will be five garden courts, which are very popular in Singapore, where the equivalent land area has to be put back into the building.â€
Construction is expected to take 30 to 36 months. The Fragrance Group also owns a development site in Milligan Street.
For more info please contact Fiona +6010 944 1681 (Malaysia)