Fulton Lane Melbourne residential tower offers Malaysian buyers exclusive sweeteners

Fulton Lane Melbourne residential tower offers Malaysian buyers exclusive sweeteners
Fulton Lane Melbourne residential tower offers Malaysian buyers exclusive sweeteners

Malaysian developer SP Setia has been offering Malaysian investors exclusive deals for Fulton Lane, Melbourne purchases.

Potential buyers at a recent showcase at the luxury Marriott Hotel in Kuala Lumpur were offered 10% interest per annum on off-the-plan deposits for the final release of apartments as well as a cash rebate of 1% of the purchase price.

The developer is also offering a “buyer get buyer special” where a buyer and a friend will be given an additional 1% cash rebate if they refer each other.

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The two-tower development consists of one,- two- and three-bedroom apartments.

On A’Beckett Street, one tower is due to rise 145.5 metres to 45 levels, while the other will be 90 metres over 29 levels.

Demolition of the site has just been completed, and construction of the project currently due to finish in 2014.



SP Setia says the 10% deal has never been offered before for apartments in Melbourne, although Lend Lease made a similar offer in March to buyers within its Richmond project Studio 9.

A spokesperson for SP Setia did not respond to Property Observer requests for details over the past week.

Lend Lease is offering all its buyers an annual 10% return on deposits on off-the-plan apartments in its Richmond Studio 9 development.

With Lend Lease having a completion date of late 2013, buyers are earning up to $11,000 in interest.

The limited offer led to increased buyer activity, according to Lend Lease.

“We have received a high level of positive interest from both investors and owner occupiers since launching the 10% return on deposits initiative for Studio 9 and have noticed an increase in the uptake of sales as a result of the offer,” a spokesperson says.

Apartments in the Fulton Lane development range from $360,000 to $1.35 million.

SP Setia has also promised a 6% rental guarantee.

The company bought the 4,340-square-metre former car park from businessman Solomon Lew for just over $30 million in 2010.

The 810-unit was approved by Planning Minister Matthew Guy in early 2011.

The development is named after a street that was swallowed up by an expansion of the Queen Victoria Market.

The first stage was released in mid-2011, selling 70% of the 291 apartments on offer within three days, mostly to Malaysian investors. Apartments in the larger tower were first offered late last year.

SP Setia bought a 2.2-hectare site at 557 St Kilda Road in September 2011 from Lloyd Williams’ company Hudson Conway, which is due to be redeveloped as a 23-level skyscraper.

An SP Setia spokesperson did not respond in time for publication.

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

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