Melbourne’s residential and retail development Capital Grand South Yarra, on the corner of Chapen Street and Toorak Road, has sold $100 million worth of property contracts in the first ten days of sale.
Capital Grand South Yarra will feature two towers linked by a retail area. The trophy LK tower will have 50 storeys and private entrance. The smaller Capital Grand Tower will front Toorak Road.
Those living in LK Tower have access to an infinity pool and gym overlooking Melbourne, as well as two other architectually-designed swimming pools.
LK Property Group chief executive Larry Kestelman said entry price is just under $1million with penthouse apartments expected to sell for over $25 million, which is globally competitive, and with only 400 apartments on offer the demand will exceed supply.
“There are not many high-end luxury developments in the world that can offer a prime location this close to the CBD with iconic status, international shopping, dining and entertainment integrated into six-star concierge living,” Mr Kestelman said.
“This is a development that was designed for luxury buyers who either already own or would be potential purchasers of landmark developments in major global cities such as New York, London and Shanghai.
“This is not a luxury development that can be replicated. It is the pinnacle of luxury living in Melbourne and one of a kind. I don’t think we’ll see anything like this in Melbourne again for some time, and across Australia, there is only Barangaroo in Sydney that could potentially compete at this top echelon of residential apartment living.”
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