Chinese developer Hengyi International has unveiled The William (pictured), a premier international residential development in Melbourne’s CBD.
Over the past weekend, Hengyi, in cooperation with CBRE Singapore, exclusively offered the project to Singaporean investors at the Regent Hotel Singapore.
“The William represents our first foray into the Melbourne market so we had to select a AAA grade CBD location to give us our beach head in Australia,” said Danielle Ashworth, Sales Manager for Hengyi Australia.
“We then assembled the best design team possible including Bruce Henderson Architects and Sue Carr Interiors to create a product that is far superior in finish and quality than what we saw as the average Melbourne CBD product.”
The development was launched here ahead of its Australian release in April. The William will “offer Singaporean purchasers to gain a unique foothold in one of the world’s most sought after property markets with prices starting from a very affordable AUD359,000 (S$483,651),” said CBRE.
Hengyi also offered several deals, including a 6.5 percent Gross Rental Guarantee to eligible buyers and free legal fees for all sales made over the weekend.
Meanwhile, the latest Residex Research Melbourne CBD shows a rental vacancy rate of 2.5 percent, well below the three percent figure under normal market conditions.
“Melbourne has benefited from vacancy rates less than three percent since 2005 on the back of nation leading population growth with exceptional growth in skilled migrants, people drawn to Melbourne for employment opportunities in the three key industries, Mining, Education and Banking,” it added.
Melbourne has 4.1 million residents which is likely to grow to five million by 2025 and seven million by 2050, said the Australian Bureau of Statistics (ABS).
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