Icon secures $150 million St Kilda Road, St. Boulevard construction contract

The Melbourne-based developer The Shakespeare Group has awarded a $150 million building contract to builder, Icon Co, for the construction of its landmark residential project, St. Boulevard.

It is on St Kilda Road.

The developer has commenced construction across all three buildings (Anaca, Ginko and Magnolia) at once, with the view to deliver the first two completed towers in late 2019, and the third in Q1 2020.

"Commencing construction on St. Boulevard is an important milestone that we are proud to share with our purchasers and future purchasers to give them confidence not just in the project, but in the off-the-plan industry overall," director of The Shakespeare Group, Catherine Law.

The development, home to three residential towers comprising a total of 420 apartments, will have over 4,000 square metres of 5-star resident amenities and lush landscapes.

Architects Elenberg Fraser have included amenities including a resort-style pool, private dining and entertainment areas, children’s play areas, a karaoke and games room, fully-equipped gym, spa, sauna and private cinema room.

Icon Co is one of the industry’s most sought-after builders, having delivered over 125 projects worth over $2.5 billion.

St. Boulevard indicated the sales success of the project has seen some 75% of apartments sold. 

The move comes amid growing industry concerns about the rising cost of construction across Victoria, which has stalled some developments and placed upward pressure on the supply of new apartments. 

According to the latest CoreLogic Cordell Housing Index Price Index, increasing competition among developers to meet Victoria’s rapid housing needs pushed the prices of construction in Victoria up by 5% from 2016 - 2017.