- Gamuda Land has demonstrated confidence in the Australian property market
- The developer has committed to delivering 1,000 new Aussie homes over 5 years
- The first project will be in South Melbourne and will see an addition of 200 apartments
A Malaysian property developer has displayed confidence in the Australian property market promising to deliver 1,000 homes in Australia over five years.
Gamuda Land, a subsidiary of Kuala Lumpur-listed construction giant Gamuda, has announced the first in what will be a series of developments. The $180 million South Melbourne mixed-use project will see an additional 200 apartments on the market.
But this is not Gamuda Land’s first project in Australia with a residential development at 661 Chapel Street, South Yarra project completed in 2018.
CEO of Gamuda Land Ngan Chee Meng said the company is focused on building a strong pipeline of residential projects in Australia over the next five years.
“Since Australia’s borders reopened for business, Gamuda Land has been actively looking to expand its foothold in all capital cities, in order to bolster residential supply by an additional 1,000 residences.
“The South Melbourne site was immediately attractive to us, as it plays to Gamuda Land’s global experience in developing sustainable communities and townships,” said Mr Ngan.
The 2,600 sqm 15 minutes from Melbourne’s CBD site was formerly home to the Dunlop Rubber Co for over 70 years was purchased by Gamuda Land for $24 million.
“As a town maker, Gamuda Land is well positioned to apply our expertise in our international projects towards addressing challenges like climate change and housing affordability, which form the cornerstone of our scheme for South Melbourne.”
Environmental vision
Gamuda Land has highlighted that its vision places focus on environmental elements at the site. This includes extensive tree planting along with contributions to public green space in the form of a 3,000sqm public park.
“Working with the traditional landowners as a first step, our design brief started with an
understanding of the site’s natural landscape and its indigenous heritage.
“We wanted to understand how we could restore part of the project to its pre-colonial state.”
Ngan Chee Meng, CEO of Gamuda Land
The project will include partnerships with Hayball Architects, Oculus and HIP V. HYPE, to produce a truly biophilic outcome that incorporates native flora. This will include a ‘re-wilding’ of some space to a pre-urbanised terrain.
“It was important to us that the project made a significant contribution to enriching air quality and reducing the heat island effect, delivering on Gamuda Land’s goal to reduce its CO2 emissions by 40% by 2030,” said Mr Ngan.
“The project will also see over 6,000 native plants and trees planted, furthering our goal to plant an additional one million trees across Gamuda Land’s projects.”
The Fishermans Bend site will become home to a mix of one, two and three bedroom apartments. Prices are expected to range from $490,000 up to $1,450,000, with a sales launch planned for late 2022. In addition to the residential offerings, an atrium retail space will introduce 14 specialty retailers.
Construction is anticipated to commence in June 2023.
