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RESIDENTIAL PROPERTY

Growland taps into demand for larger apartments

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DEVELOPER Growland is responding to owner occupier demand for larger two-bedroom, two bathrooms apartments in Melbourne by revising its product mix and floor plans for the third stage of its $600 million Victoria Square development.

Growland appointed famed architectures Fender Katsalidis to design the third tower of the six building Victoria Square precinct, where 76% of the apartments on offer will be two-bedroom, two-bathrooms.

Fender Katsalidis director James Pearce said this was done to appeal to a wide range of buyers, from young families to couples or two couples living together.

“Each apartment has been designed specifically for owner occupiers, taking into account their wants and needs and how we can optimise their living experience,” Pearce said.

The third tower, VS03, will feature 86 one, two and three-bedroom apartments, which will feature floorplans larger than Melbourne’s average and have at least one car space, one storage cage and a private balcony ranging from eight to 13 sqm.

Growland CEO Ronald Chan said a developer has put their ego aside, be flexible to meet market conditions and understanding where the gaps are.

At Victoria Square, demand has come from local owner occupiers, who account for over 80% of the sales to date and the first two stages are 90% sold.

“Many developers will create a floor plan and apartment breakdown years in advance, and stay rigid in that plan when it comes to launching and constructing the project without taking into account how much the market might have changed in that time.

“We recognised there was a gap in the market for high-quality two-bedroom, two-bathroom apartments that could suit a variety of buyers, given the flexible nature of that layout, and reconfigured our product mix accordingly,”

“Being a developer is about providing what is needed in the housing market, not creating what you think is best; sometimes you have to put your ego aside in order to meet the needs of your buyers.” Chan said.

Prices at VS03 start at $439,000 for one bedrooms, $540,000 for two bedrooms and $919,000 for three bedrooms.

Construction is expected to commence in Q3 2019.

Australian Property Journal