Gamuda expects Melbourne project to be fully taken up in two years
KUALA LUMPUR: Gamuda Land expects its luxury residence project 661 Chapel Street in Melbourne, Australia, with a gross development value (GDV) of A$154 million, to be fully taken up in the next one to two years.
Chief operation officer Ngan Chee Meng said the 30- storey development, scheduled to be fully completed in 2018, has already been about 30 per cent sold.
“The project’s site location is ideal with a tram stop just outside its doorstep, a mere eight minutes’ walk to the South Yarra train station, less than a minute’s walk to Woolworth Supermarket, and five minutes’ walk to the Place Cinema,” he said.
Ngan urged local property buyers and investors to purchase units in the 611 Chapel Street project as the Victor ian Government has announced an increase in stamp duty surcharge for foreign buyers to 7.0 per cent in July this year from 3.0 per cent currently.
He said the government’s decision was probably made to curb the rise in purchases of local properties by foreigners, especially from China.
“We are close to achieving our revenue contribution ratio target between local and international markets of 60:40,” he added.
Ngan said the company already has a presence in three international markets, namely Vietnam,SingaporeandAustralia, with Vietnam being the biggest international revenue contributor at about 25 per cent.
Back home, Ngan said, Gamuda Land is looking to launch a RM7 billion GDV mixed residential project close to Rawang by yearend.
“In the next two years, you will see more launches, especially during the end of the year, including one near Rawang this year and another near the Kota Kemuning and Elite highways in 2018,” he said. — Bernama