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RESIDENTIAL PROPERTY

Pellicano spurred by strong off-the-plan sales

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MELBOURNE-based developer Pellicano has brought forward the construction of its Alke residential project in the south-east middle suburb of Oakleigh by six months, following stronger-than-expected off-the-plan sales.

The $55 million development at 89 Atherton Road was launched in September and will comprise 89 apartments across three buildings on the 2,620 sqm site. Pellicano had reduced its initial plans of 115 apartments, and made the dwellings in the redrawn plans larger in response to the growing demand from the owner occupier market.

Nando Pellicano, managing director of Pellicano, said the developer is continuing to re-design and combine apartments, which could see number drop further.

“We responded to the demands of the market and developed a number of new floor plans that include generous two and three-bedroom, two-bathroom apartments, providing long-term, quality homes for inhabitants,” he said.

Pellicano is offering purchasers of three-bedroom apartments the chance to tailor their finishes, which it said recently supported the sale of the penthouse residence for $1.1 million.

Completion of the project is expected in mid-2019.

Australian Property Journal