Mammoth seeks new Melbourne apartment opportunities following success with first residential tower
Malaysian developer Mammoth is seeking to expand its residential apartment projects in Melbourne following the success of its first project, MY80 Silver Skies.
The $250 million, 55-level skyscraper development at the corner of Elizabeth and A’Beckett streets is 80% sold with completion due late next year.
Mammoth has already added to its Melbourne CBD residential site inventory following its purchase, last December, of a sister site at 398 Elizabeth Street for $15.1 million, after negotiations with Mark Wizel at CBRE.
Mammoth hopes to build a sister tower on the site to complement MY80 (pictured below).
“Melbourne has a vibe and an infrastructure that makes it one of the most liveable cities in the world. I have been very happy with our investments in Melbourne, and I am looking for other opportunities, particularly in the retail sector,” Mammoth owner and director Sean Ng told Property Observer during his recent visit to Melbourne.
“There are not many major cities in the world that has the infrastructure, the vibe and soul like Melbourne and still easily accessible by car or public transport.
“I want to bring to the people of Melbourne a sense of vibrancy with our projects and also international retail experiences.”
While Mammoth is not a well-known name (yet) in Australia, it is a substantial property development business in Malaysia, with its latest project being the 40-hectare development ‘Empire City’ on the outskirts of Kuala Lumpur, which will include retail, hotels, apartments and offices in a 12-tower complex with two Marriot-managed hotels and a 20-screen cinema complex.
The MY80 Melbourne site is smaller in comparison as it sits on a 1012-square-metre site.
It is located just one block from RMIT University, Melbourne Central shopping centre and railway station and the Queen Victoria Markets.
The University of Melbourne is a short walk to the north and private colleges are in plentiful supply in the neighbourhood.
Designed by architectural firm Hayball, the curving, shimmering tower will offer residents a range of benefits not usually seen in this corner of the city.
The top floor is dedicated to a rooftop sky deck and terrace with spectacular views of Melbourne from the hills of the Dandenongs to city lights to the bay.
“A perfect place to sit back, relax with a wine from the cellar and catch up with friends, or for time out reading your favourite book – Manhattan style at its best,” says Andrew Fortey, co-founder and managing director of PDS Group, which represents Mammoth Empire Holdings and other Asian property developers in Melbourne.
“We see there are substantial opportunities for growth as we enter the Asian market, and we’ve already had referral work from the Asian-based developers in Melbourne and our portfolio of Asian developers continues to grow,” says Fortey.
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