Sky-high Australia 108 launches with 300 buyers reportedly already in the bag

CBRE Melbourne residential projects managing director Andrew Leoncelli told the Australia 108 launch last night that the sales scenario had been supremely successful during the soft pre-launch period.

There are whispers, published in the Herald Sun, that more than 300 sales have been secured at the Southbank project.

"This is the most exciting release of an apartment project in Melbourne's history," Andrew Leoncelli said as he opened the display suite set opposite the development site.

"To break the back of the sales is a very proud achievement," he said.

With its envisaged distinctive starburst feature, the 319 metre tall building, at 70 Southbank Boulevard, will be 25 metres higher than the neighbouring Eureka Tower, Melbourne’s highest building.

The tower is being developed by Singaporean company World Class Land, a subsidiary of Aspial Corporation headed by billionaire businessman Koh Wee Seng who sees the rewarding project as "iconic".

“Residents will experience living in the clouds,” Koh added.

It will have 1,105 apartments, including a 790 super penthouse on its 100th floor with a $20 million plus price tag.

Prices for apartments between the first habitable floor at level 14 up to the 68th floor range from $450,000 to $950,000.

Three bedroom and sub-penthouse apartments between the 72nd to 99th floors starting at $1.5 million.

The advance sales saw buyers snapping up 90 of the 165 three-bedroom penthouses and sub-penthouses above level 72.

There will be over $1 billion in revenue, Andrew Leoncelli advised.

Fears of an apartment glut in Melbourne have been rejected, as the project officially goes to public launch tomorrow.

City of Melbourne date shows more units are being built than at any time in the city’s history, with most construction driven by foreign investment.

One of the Australia 108 buyers is one local family buying five apartments with intentions of combining them, on the 79th level costing over $9 million.

It was not an entire floor, as Property Observer gleans the 79th floor has eight apartments.

World Class Land engaged Fender Katsalidis Architects as its building designer, and Carr Design, the firm behind the Triptych and Parque Melbourne developments, to design the interiors. 

Hirsch Bedner Associates (HBA), designers of the St Regis Abu Dhabi, will design the concierge lobbies.

“Australia 108 will be the tallest building World Class Land has ever built and we are exceptionally proud for it to also be the tallest residence in the southern hemisphere,” Koh said.

Architect Karl Fender described it as a mega-project where "the reality was better than the fantasy."

"It is the place for a vertical village," he said, which in suburbs realms would occupy 300 acres.

"I can't wait... this is a game changer for Melbourne," Fender told the launch crowd.

Australia 108 was initially mooted in 2011 for late 2015 completion with slightly higher ambitions for the site set on the corner of City Road and Southbank Boulevard which was then owned by Katsalidis and property developer Adrian Valmorbida from the Valmorbida family.

Former Victorian planning minister Matthew Guy supported the project viewing such a project as underlining the confidence in Melbourne.

"Australia is coming of age, and our cities are growing upwards," Guy said in 2011.

"Taller buildings... are a symbol of a growing nation, a strong economy, and they do have the ability to define a city," he said.

The display suite at 55 Southbank Boulevard, Southbank is open next week from noon to 4pm, Tuesday to Thursday as well as weekends.