Chief Operation Officer Ngan Chee Meng said the 30-storey development, scheduled to be fully completed in 2018, had seen about 30% of its units sold.
“The project’s 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 Victorian Government had announced an increase in the stamp duty surcharge for foreign buyers to 7% in July this year from 3% 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 had a presence in three international markets, namely Vietnam, Singapore and Australia, with Vietnam being the biggest international revenue contributor at about 25%.
Back home, Ngan said, Gamuda Land is looking to launch a RM7 billion GDV mixed residential project close to Rawang by year-end.
“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 the Elite expressway in 2018,” he said.
– BERNAMA