The lure of Melbourne as an international development hotspot remains strong with another Asian-based firm intent on creating a showpiece residential development in Melbourne. Sister company to the fortuitously named, Chinese-based Yarra Holdings, C&L International Holdings is on the verge of releasing Royal Como which will be located within South Yarra's ever popular Forrest Hill Precinct.
Based in Zhongshan, China and maintaining their Australian office in the northern Sydney suburb of Chatswood, C&L International Holdings is headed by company Chairman Chris Chen and Managing Director Alex Liu who between them have more than 20 years experience in the development sector. To date C&L have focused on residential and commercial projects within Asia, with their latest project a 24 tower complex in Zhongshan.
Seeking their slice of the robust Melbourne apartment sector, C&L will shortly launch Royal Como, adjacent to Melbourne High School. Holding 112 one, two and three bedroom apartments, the pending tower is the work of South Yarra-based Bruce Henderson Architects.
Nexus Designs have created the interior spaces within Royal Como which are designed to appeal to the owner occupier market. This is in line with the company's intentions on targeting premier suburbs in both Melbourne and Sydney with a product equal to, or superior to what is currently available.
We have identified a shift in Australia by empty nesters from their family homes to spacious, well-designed luxury apartments, and this is the market we are looking to tap in to.Echo He, Director of C&L International Holdings
C&L's drive into the Australian apartment market along with that of other Asian-based developers can be encapsulated by a small stretch of Chapel Street bound by Toorak Road and Alexandra Avenue.
Of the four major apartment developments in the pipeline, all aside from Capitol Grand are controlled by Asian-backed interests. While C&L are preparing Royal Como, the adjoining site at 661 Chapel Street is also due for the commencement of its sales campaign. Malaysian firm Gamuda Land purchased the 1,435sqm site for $40 million with the intent of delivering an approved 30 level residential tower designed by Bird de la Coeur. Development Manager PDS Group show the project on their website as carrying 162 apartments.
In addition, fellow Malaysian developer Mitraland is seeking approval for a 20 level residential tower expected to carry 72 apartments. Located at 649 Chapel Street, the Fender Katsalidis project is with City of Stonnington as it goes through the approvals process.