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14-01-2015, 09:44 PM
At 319m, $1bn Koh Melbourne tower to stake claim as tallest of all
THE AUSTRALIAN JANUARY 15, 2015 12:00AM
Kylar Loussikian
Journalist
Sydney
An artist’s impression of the Australia 108 tower to be built in Melbourne by developer KAn artist’s impression of the Australia 108 tower to be built in Melbourne by developer Koh Wee Seng. Source: Supplied < PrevNext >
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AUSTRALIA’S tallest building is to be built in Melbourne’s Southbank precinct, rising more than 319m and at a cost of $1 billion.
With more than 1100 apartments, Australia 108 will overshadow the 297m Eureka Tower built by the Grollo family in 2006.
At 100 storeys, Australia 108, being developed by Singaporean conglomerate Aspial, will have the highest penthouse in the southern hemisphere, although it won’t be cheap at $25 million.
Designed by Fender Katsalidis architects, the same firm responsible for the Eureka Tower, the curved building will be illuminated at night by LED lights while a “starburst” will perforate the tower 70 floors off the ground.
Apartments above that level will have a private lobby and lifts, as well as their own infinity pool and gym.
Australia 108 will be metres shorter than the top of Q1 on the Gold Coast, although that tower has only 71 floors, with the remaining height added by a 77m spire.
Speaking before the project’s launch today, Aspial chief Koh Wee Seng said Singapore’s property market had softened and he had a long-term commitment to developing in Australia with a $2.5bn pipeline of developments along the east coast. “We see a lot of opportunity in the Australian property market where there is a marked shift to apartment living happening,” he said.
“The cities offer the cosmopolitan lifestyle that is taking off in the established stable market and there is good demand for property among local Australian customers and across the wider region.”
Mr Koh and his billionaire older brother, Koh Wee Meng, who runs the larger property development company Fragrance Group, have spent the past year buying property across Australia, although their largest projects are slated for Melbourne.
The notoriously media shy brothers are among Singapore’s richest businessmen, starting their careers running a jewellery business, a pawn-brokerage and later a chain of “love hotels”.
Last year, the older Mr Koh splashed out $44.5m for the derelict Savoy Tavern opposite Melbourne’s Southern Cross Station and $78m for a building on Collins Street, with plans slowly taking shape to develop both sites into super-tall skyscrapers.
But concerns remain about a possible oversupply of apartments in inner-Melbourne.
Despite the project launching in Australia only today, Mr Koh said there was already strong demand. Singaporeans have had a chance to preview the apartments for months, marketing having begun last year. “Singaporeans were very receptive to Australia 108,” Mr Koh said.
THE AUSTRALIAN JANUARY 15, 2015 12:00AM
Kylar Loussikian
Journalist
Sydney
An artist’s impression of the Australia 108 tower to be built in Melbourne by developer KAn artist’s impression of the Australia 108 tower to be built in Melbourne by developer Koh Wee Seng. Source: Supplied < PrevNext >
••
AUSTRALIA’S tallest building is to be built in Melbourne’s Southbank precinct, rising more than 319m and at a cost of $1 billion.
With more than 1100 apartments, Australia 108 will overshadow the 297m Eureka Tower built by the Grollo family in 2006.
At 100 storeys, Australia 108, being developed by Singaporean conglomerate Aspial, will have the highest penthouse in the southern hemisphere, although it won’t be cheap at $25 million.
Designed by Fender Katsalidis architects, the same firm responsible for the Eureka Tower, the curved building will be illuminated at night by LED lights while a “starburst” will perforate the tower 70 floors off the ground.
Apartments above that level will have a private lobby and lifts, as well as their own infinity pool and gym.
Australia 108 will be metres shorter than the top of Q1 on the Gold Coast, although that tower has only 71 floors, with the remaining height added by a 77m spire.
Speaking before the project’s launch today, Aspial chief Koh Wee Seng said Singapore’s property market had softened and he had a long-term commitment to developing in Australia with a $2.5bn pipeline of developments along the east coast. “We see a lot of opportunity in the Australian property market where there is a marked shift to apartment living happening,” he said.
“The cities offer the cosmopolitan lifestyle that is taking off in the established stable market and there is good demand for property among local Australian customers and across the wider region.”
Mr Koh and his billionaire older brother, Koh Wee Meng, who runs the larger property development company Fragrance Group, have spent the past year buying property across Australia, although their largest projects are slated for Melbourne.
The notoriously media shy brothers are among Singapore’s richest businessmen, starting their careers running a jewellery business, a pawn-brokerage and later a chain of “love hotels”.
Last year, the older Mr Koh splashed out $44.5m for the derelict Savoy Tavern opposite Melbourne’s Southern Cross Station and $78m for a building on Collins Street, with plans slowly taking shape to develop both sites into super-tall skyscrapers.
But concerns remain about a possible oversupply of apartments in inner-Melbourne.
Despite the project launching in Australia only today, Mr Koh said there was already strong demand. Singaporeans have had a chance to preview the apartments for months, marketing having begun last year. “Singaporeans were very receptive to Australia 108,” Mr Koh said.