How Golden Age are tapping into untapped markets: Five minutes with Golden Age's Dandan Zhao
The Melbourne-based developer Golden Age Group knew when they were putting together the plans for Sky Garden, the apartment project above the rejuvenated The Glen Shopping Centre, they were creating something that would appeal to a wider range of buyers
Recently speaking to Urban, Zhao says, while the three-tower Sky Garden was an ambitious project, there was clearly a need for quality high density living in the area.
It was only the third high-rise development approved by the Monash City Council in the last 15 years. The other two developments were primarily made up of investor stock, with little amenity.
"We saw a perfect fit between what Golden Age wanted to achieve and the suburb of Glen Waverley," Golden Age's Chief Marketing Officer Dandan Zhao says.
"The vision of Monash Council is very considerate in regards to community needs and what's good for the community. It shows the level of research and care we put into our development proposal that it was greenlit."
"People's desires have changed, and they want to be near amenities and infrastructure, and Glen Waverley is very rich in resource," Zhao says.
Once you go central to a suburb and become closer and closer to infrastructure, you sort of have to go vertical, not hortizontal.
"The $500 million redevelopment of The Glen, turning it into a world-class shopping centre, as well as extensive connectivity including the railway, poublic road, and new urban loop, makes Glen Waverley a very attractive proposition for both owner-occupiers and investors."
There's also a major draw for families, Zhao says. They've been keen on securing some of the larger apartments in Sky Garden due to the abundance of education institutions, some 24 of them, from daycare and kindergarten through to the Monash University, one of Australia's leading universities.
Downsizers have been attracted to the luxury finishes and fixtures and resort-like amenities and gardens, as this transforms the notion of what it means to live in an apartment; it doesn’t need to mean compromising on lifestyle,” Zhao adds.
Zhao says Golden Age like to look at suburbs and find ways they can improve them.
"What we do well is looking at a suburb and saying to ourselves 'how can we better shape this community?'"
That ethos saw Golden Age stay in Glen Waverley, having gathered insights during the sales process at Sky Garden.
"While we have had a number of families and downsizers buy the larger apartments in Sky Garden, an apartment doesn’t suit everyone’s needs or preferences," Zhao says.
Starting to see a pattern emerge among a large cohort of enquiry, Golden Age went to the drawing board.
"Following a number of conversations, we decided there was a gap in the market for an architecturally-designed and high-end townhouse product in Glen Waverley, based on buyer feedback at Sky Garden and researching the local market. We were being asked if we had a townhouse product that carried the same design philosophy and quality of what Sky Garden offers."
Zhao says it was a case of 'when not if' Golden Age had a townhouse project ready in the area. Then, about four kilometres south of The Glen down Springvale Road, they picked up a 1.65 hectare site that lent itself perfectly to a collection of 77 townhouses.
Even before launching Floret, Golden Age had a large database of buyers wanting a townhouse in the area.
"We wanted to bring luxury apartment living into a townhouse development," Zhao says.
"The location is perfect for families, across the road from a kindergarten and Brendan Park Shopping Centre, while also having convenient access to the Monash Freeway.
So far Floret has been targeted by families, of all ages, some who are seeking multi-generational living, which apartments don't offer.
Golden Age again tasked Rothelowman with the designs.
"There's no other townhouse product designed by an architecture firm held in as high regard as Rothelowman in Glen Waverley," Zhao adds.
"There's so little townhouse stock in Glen Waverley. Traditionally there are maybe two or three townhouses, which present more like a duplex or triplex, rather than a true, architect-designed townhouse in a community rich in greenery."
Floret is over 25 per cent sold, thanks to a robust pipeline of interested buyers.
Golden Age is planning a 1,000 sqm central park, with amenity for families and kids, as well as a tree-lined central boulevard.
Later in the year, Golden Age is heading to the affluent suburb of Brighton, where they believe they've identified another gap in one of Melbourne's more bluechip postcodes.
"Brighton has never seen a townhouse and house development at this scale," Zhao says.
"There's little product between apartments and huge, multimillion dollar houses in Brighton. We're aiming to plug that gap.
"Brighton is such a premium suburb, people are wanting to get in, but either the product isn't right, or they are out-priced.
"We want to create something that works for that suburb and suits the calibre of the suburb, while giving young families and young professionals an opportunity."
Zhao says they will also likely see local downsizers show interest.
"Most houses in Brighton are so big, and some don't want to downsize from a six or seven-bedroom house on 900 sqm to a two-bedroom apartment.
"We'll again be creating a community with beautiful amenity, in the most price pointed project Brighton has seen."
Golden Age secured the massive 3.3 hectare site mid-last year, buying the the junior school of Xavier College for $100 million.
The junior school, Kosta Hall, on South Road, currently homes school buildings, sports fields, and the historic 1867 Maritima mansion.