Melbourne, Australia’s second most populous city, is attracting Asian property developers with its growing opportunities, which include a vibrant city life, booming financial services, good education facilities, housing shortage and population growth.
According to a report by Bernama, several developments in the city are being undertaken by Asian developers.
“Overseas investors are also coming into Melbourne and prefer to purchase properties from these overseas-based property developers based on their confidence in these companies,” said Sam Nathan, Director of Charter Keck Cramer, an Australian-based property consulting and valuations firm.
SP Setia, a leading property developer in Malaysia, has made its venture into the Australian property market, with its first mixed-use development project in the city. The company is also holding a public preview for its Fultan LN project in Melbourne and developing another project in the Central Business District (CBD).
The CBD has emerged as an attractive residential area, following government efforts to promote the city as a vibrant place. An increasing number of apartments can also be seen, due to its changing household demographic, with a growing number of singles and couples without children.
“In 1990, Australia was generally in a bad recession and Melbourne at that period of time had a lot of older office buildings,” said Mr. Nathan. “But now, there is a lot of development taking place with these older commercial buildings converted into residential apartments.”
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