Central Equity to build luxury tower complex
By DON LYONS
AUSTRALIAN developer Central Equity has announced plans to construct a A$90 million (HK$495 million) twin-tower luxury residential complex at a 'landmark' site in central Melbourne.
The project, expected to take 10 years to complete, will be on a corner lot in front of the Carlton Gardens, on the edge of the central business district.
Central Equity has filed a plan with the local government to construct 424 apartments in four 20-or 25-storey buildings surrounding a central courtyard on the one-hectare site.
According to a company spokesman in Hong Kong, the apartments will offer a 'superb view' over nearby parkland.
Architect for the project is Span Group, which has undertaken all of Central Equity's projects to date.
Stage I of the development will include the 20-storey MacArthur building, comprising 158 flats of one-, two-and three-bedroom units.
There will also be the six-storey Victoria building, which will include 15 apartments, a cafe and milk bar on the ground level.
A third block, called the Lonsdale, is a five-storey building that will include 53 apartments and some retail space.
The development will have a swimming pool and gym and a stainless steel beacon tower on the top of Victoria building, according to the developer.
The central courtyard will be landscaped and include a tennis court.
There will be parking for 491 cars in a three-level basement.
Stage 11 of the development will include Carlton Tower, a 25-storey building with 198 flats.
According to one report, the first stage of the development is to begin within three years and will be completed within six years.
The second stage is scheduled to begin within six years.
It is expected to be completed in 10 years, according to the company.
But if need be, the development could be broken down into even more stages, a company spokesman in Melbourne said.
Prices for the units have not been finalised, but the Central Equity spokesman said they would sell for between $250,000 to $350,000.