Highest and with a 360 degree view. Selling at less than RM100 million. Haha.

How much should a penthouse in Melbourne be? Just a year ago, the Melbourne Median House Price was about AUD745,000. FYI, Australian engineers do earn the same as Malaysian engineers, number wise. Well, regardless of the price that we used to know, it will soon change because SP Setia Bhd’s project in Melbourne would be setting a new benchmark for Melbourne. It is a 650 sq m (6,996 sq ft) luxury penthouse on top of Sapphire By The Gardens. This is definitely a bungalow in the sky and at that height, there’s nothing next to it like the landed bungalows. It is priced at A$29 million (RM95.5million) and will occupy the entire top floor of the 57-storey residential tower, boasting spectacular views of Melbourne. The full article in The Star here. SP Setia’s project to set record for Australia’s most expensive penthouse

Other details from the article: Sapphire By The Gardens comprises a residential tower, reportedly with 345 units of apartments with a gross development value of A$376mil (RM1.24bil), that is connected by a sky-bridge to a second tower, which will host Melbourne’s newest five-star Shangri-La Hotel. It is not yet known if the penthouse was sold. The chief executive officer of SP Setia’s operations in Australia Choong Kai Wai said, “Sapphire By The Gardens is perfectly located, and offers incredible access to world-class infrastructure, transport and education facilities as well as having Melbourne’s newest five-star hotel – the Shangri-La – right next door. He added, “It is rare to find an opportunity to purchase CBD property that overlooks parkland, and the 360-degree view from the penthouse will be comparable with some of the most sought-after views overlooking famous locations, like Hyde Park in London or Central Park in New York.”The property would come with 10-car spaces. Full article in TheStar here. 

When it comes to these iconic or exclusive properties, it’s very hard to define a price per sq ft for it. In reference to this particular penthouse, the price per sq ft is around AUD 4,145 per sq ft. When compared to Hong Kong, this is actually ‘not much.’ Well, it will be owned by someone who’s worth billions I guess. Surely not someone buying it to do AirBnB? 🙂  My current plan is to visit Melbourne for the very first time next year. Well, hopefully by then, I could drop by and take a look at the garden, if not the residential tower yet. Based on one latest piece of news, the property prices in Melbourne is still rising even as Sydney’s prices drop. Here’s that latest article in The Guardian. Sydney property drops after 17-month climb but Melbourne rises. Happy visiting or buying?

written on 8 Oct 2017

Next suggested article: Australia property bubble? 27 experts said, It’s ok. 1 said, it will burst