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Gamuda launches luxury residences in Melbourne, Australia

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The most sought-after residential address at 661 Chapel Street by Gamuda Land

Malaysia’s trusted developer Gamuda Land will soon be unveiling its new luxury residences at the heart of Melbourne’s coveted Chapel Street to local residents.

With a premier designation that reflects its prime location, 661 Chapel St. will be launched in Melbourne during the third quarter of this year. Prior to the launch, Gamuda will be holding an exclusive sales event in Kuala Lumpur on June 18 & 19, signifying  the golden opportunity for Malaysians to own their dream home on Melbourne’s most desirable street. Melbourne currently ranks as the world’s most liveable city for five consecutive years by The Economist magazine, and has become a hub for luxury property investors. The cosmopolitan city scored second highest for influx of millionaires in 2015, edging out Dubai (4th), San Francisco (5th) and Vancouver (6th). With an additional 3,000 new millionaires created in 2015, Melbourne now boasts a total of 66,800 millionaires residing in the metropolitan city. Home values also rose significantly with the overall strong & resilient market.

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The millionaire trend likely augurs well for luxury real estate in affluent suburbs. For 661 Chapel St., existing statistics certainly favours Chapel Street with its niche position within the affluent and mature neighbourhood of South Yarra, whereby indicative median incomes almost double that of greater Melbourne. Value-added developments here are attributed to key factors such as connectivity & amenities, galleries & boutiques, and proximity to lush parklands and the famed Yarra River.

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Chapel St. has always been alluring for both locals and foreigners alike. The location is an embodiment of a luxurious lifestyle complete with the modern day amenities that are perfect for the whole family. The project’s site location is ideal with a tram stop just outside its door-step, a mere eight minutes’ drive to the South Yarra train station, less than a minute’s stroll to Woolworths Supermarket and just five minutes’ walking distance towards the nostalgic Palace Cinema.

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The sales event in Malaysia could not have come at a better time since the Victorian Government has announced an impending increase in stamp duty surcharge for foreign home buyers and property purchasers alike from 3% to 7%, 1st July 2016 onwards. However, whilst the stamp duty increase does create an urgency to buy & own, 661 Chapel St. still holds its own timeless appeal. The project itself is comparable to a blue-chip investment for few obvious reasons.

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661 Chapel St.’s position next to Melbourne High School gives us several unique competitive advantages – firstly, the school is unlikely to be re-developed which means our views towards the CBD will remain unobstructed. Almost all unit types at 661 will have panoramic postcard perfect views. Secondly, the prestige of Melbourne High itself, being one of the top schools in Melbourne, is a strong pull factor.” – Ngan Meng Chee, Chief Executive Officer, Gamuda Land Berhad.

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Views are highly revered by local Australians and readily command around 20% more than similar units without views; whilst properties within an academic zone easily command approx. 10% more. For 661 Chapel St.’s Malaysian sales event, Gamuda has yet to reveal the full scope of incentives that will be given. However, one of them will be the chance for buyers to turn back time to even before the 3% foreign buyer stamp-duty surcharge took place, offered for a limited number of units. There will be a rebate of 3% back to the buyer to offset the current stamp duty. Furthermore, buyers need not pay the AUD $5,000 foreign purchaser’s fee.

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With a gross development value (GDV) of AUD $154 million, the 30-storey project comprises 142 units of 1, 2, 3 & 4 bedroom units, as well as exclusive Penthouses with interior areas ranging from 40 sq. metres to 271 sq. metres. An impeccably designed home, 661 Chapel St. is the embodiment of 6-star living with its modern clean lines and attention to detail, a signature design statement of award-winning architects Bird de la Coeur. An additional feature that exceeds all expectations is the fact that 661 is the first residential project in Melbourne to have the limited-edition Lalique crystal artworks showcased within its central Grand Lobby space.

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As much as it is an aesthetic wonder, the architects, have created an enriching life within the walls of 661 with their unique Vertical Village concept. The community-centric design comes with outstanding facilities for entertaining guests and hosting dinner parties, as well as a luxurious mini theatre, a 25-metre cantilevered lap pool, spa pool, sauna & jacuzzi, gymnasium, a well-stocked double-volume grand library, and even a climate-controlled wine cellar. Exquisitely designed to leave a lasting impression, 661 Chapel St. promises an experience residents and guests will never forget. From its classic elegant exterior to the inspiring artistic interior, every living space is a warm “welcome home” feeling, as well as a testament to Gamuda’s highest commitment to offer the very best quality of life.