The AU$150 million luxury residential project features hotel-like facilities, and is expected to be completed in 2019.
Singapore-based hospitality group Banyan Tree officially launched its first luxury residential project in Australia on Wednesday (17 August).
Located atop the Kangaroo Point cliffs in Brisbane, the approximately 23,680 sq ft site offers panoramic views of the Brisbane River and the central business district.
Sales at the AU$150 million luxury residential project have been moving, with over a quarter of the 76 private residences sold in the pre-launch period to a mixture of local and interstate buyers, as well as existing Banyan Tree owners.
Australia’s Courier Mail reported that the average price point for each of the sold units is AU$2 million (approx. S$2.06 million).
Close to 60 percent, or 45 of the units are two-bedroom apartments ranging in size from about 1,173 sq ft to 1,851 sq ft. There are 27 three-bedders from 1,830 sq ft to 2,626 sq ft and four penthouses (2,690 sq ft to 6,792 sq ft). Three of the penthouses come with a rooftop infinity pool and private garden terrace.
“This project will set a new benchmark for luxury residential in Australia with what is offered, and presents a unique opportunity for prospective buyers,” said Ho Kwon Ping, Banyan Tree’s Executive Chairman.
The project features a number of hotel-like facilities, including a 24-hour concierge service, on-site spa, retail gallery and dining venues. In addition, the development is within proximity to universities, hospitals and public transportation.
Brisbane’s Lord Mayor Graham Quirk said Banyan Tree’s investment is a major vote of confidence in the city’s future.
“Brisbane is continuing to grow its reputation as a destination of choice for business, investment and major events, and we continue to see interest from international investors, especially from the Asia Pacific,” said Quirk.
His comments come less than two months before a three percent stamp duty surcharge on foreign residential purchases kicks in on 1 October. The new tax announced by the Queensland government in June aims to clamp down on Asian buyers, particularly Chinese nationals who have been blamed for the state’s high house prices.
Meanwhile, construction work on Banyan Tree’s project will commence later this year, and is set to be completed in early 2019.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
