Lend Lease's Armadale development, Toorak Park attracted strong downsizer buying interest at its weekend launch.
It comprises 448 apartments and 18 townhouses.
Around 60% had sold by Sunday afternoon at an average price of more than $1 million, following the Marshall White marketing campaign.
The Australian Financial Review noted Lend Lease's managing director of urban regeneration Jonathan Emery suggested the result indicated Melburnians are looking for high quality options to downsize or simply purchasing a standout investment property.
The luxury residential apartment development named Toorak Park is on a 2.5 hectare site beside Toorak Park.
Designed by Denton Corker Marshall and Carr Design Group, the 16 building project will feature landscape architecture by Tract.
The Toorak Park project will include a publicly accessible boulevard with direct access to Toorak railway station, Property Observer previously reported.
Lend Lease's national head of Apartments Ben Christie said the site was one of the best qualities of the project.
One, two and three bedroom apartments are available. One bedroom apartments will range from 55 square metres to 88 square metres, two bedroom apartments are sized from 75 square metres to 107 square metres, and three bedroom apartments range from 115 square metres to 148 square metres.
The project is expected to be completed in 2018, with a display suite now open.