Aspial Corporation has applied to build Brisbane’s tallest residential tower.
The Singapore-based property developer wants to construct a 91-storey building at 30 Albert Street, near the Queen Street Mall.
The tower would cost $460 million to construct. The proposed multi-level residential tower comprises six levels of basement carparking; ground level lobby and retail space; 6-7 levels of podium carparking and commercial facilities; and 83 levels of residential tower.
The Singapore-based developer is behind the tallest planned tower in the southern hemisphere, Australia 108 in Melbourne.
The 91-storey Cox Rayner-designed tower will rise 274 metres above sea level with 732 apartments.
Aspial Corporation chief executive Koh Wee Seng said the $460 million tower’s proximity to the Queen Street Mall, the Queen’s Wharf project and other city amenities differentiated it from other projects.
Koh Wee Seng said there was strong demand in Australia for high-quality apartments.
The proposal will be adjacent to Sunland Group’s Brisbane CBD development, the Abian Botanic Gardens development.
Size doesn’t matter in this property market: Tiny Brisbane cottage with no toilet or bedroom snapped up for almost $1million
The latest piece of real estate to hit Australia’s exploding property market is a tiny, one-room, zero-bathroom cottage that went for a heavy asking-price of $960,000 in Brisbane.
The run-down one story house in the exclusive suburb Newstead was sold to a pair of young buyers eager to cash in on its alluring council approval to renovate three floors high, according to Domain. (more…)
Sunland’s luxury penthouses to test Brisbane CBD market
Sunland will launch its luxury penthouses atop Brisbane’s newest central business district high-rise for more than $7.25 million.
Abian’s two penthouses will span 592sq m atop the 40-storey Alice Street tower, each stretching over two levels.
The sales will be a test of Brisbane’s luxury CBD market, which hasn’t seen new stock since the financial crisis.
However, a raft of new city buildings is expected to hit the market soon, including the top end of the city’s equal-tallest Skytower, the Shayher Group’s 300 George Street and Consolidated Properties’ Spire apartment high-rises.
Sunland managing director Sahba Abedian said Abian’s “inspired interiors” matched the interior 3.5m ceilings, with views over the city and Botanic Gardens. “Abian’s penthouses are truly unrivalled in terms of their location, design and luxury finishes,” he said.
Brisbane is in the midst of an apartment-development boom, with 111 developments and 14,000 units on the drawing board across the inner-city.
But prices have yet to follow Sydney’s massive growth, with a Domain report to be released today showing a drop of 3.8 per cent in the median price of Brisbane units this year.
This followed a quarterly reduction of 2.3 per cent, reflecting the number and style of apartments being released.
The median house price also fell 0.7 per cent in the quarter, despite an annual increase of 2.8 per cent.
Senior economist Andrew Wilson said the recent market resurgence had stalled in the last quarter and unit prices had fallen for the third consecutive quarter.
Overall, he said, the market increased over the quarter, following the February rate cut. “Although the reduction in mortgage rates improved affordability only marginally, buyer and seller confidence has lifted based on the prospect of further rate cuts fuelling house price growth,” he said.
By Rosanne Barret
Add value to your investment property
So you have a household renovation wish list, and you haven’t gotten around to it yet. Well, here are 10 tips from John McGrath that won’t break the Bank, and might just help you add value to your investment property.
They all will give the place a boost, but without the likelihood of overcapitalisation.
The style and quality of the improvements together with careful budgeting will be important as to whether over capitalisation becomes an issue.
It can certainly be minimised with reliable professional advice, careful planning, market trend assessment, along with the wise sensitive execution of the improvements.
It probably starts with buying a house or apartment with a value at or lower than the suburb’s median price as that allows greater scope for capitalisation.
- PAINT IT
- BUILD A CARPORT
- NEW CURTAINS OR BLINDS
- INSTALL A SKYLIGHT
- REPLACE LIGHT FITTINGS
- PUT IN A BARBECUE
- STEAM CLEAN CARPETS
- SAND THE FLOORS
- REPLACE DOOR HANDLES AND KNOBS
- INSTALL A DISHWASHER
“Your goal is to add the wow factor without blowing the budget,” John McGrath suggests in his Smart Guide to Property Investment.
I’d reckon perhaps two of the tasks might require a phone call to the council just to check on the approval process for car ports and skylights. And if you are in an apartment block best check on the rules regarding dishwashers in the kitchen.
Original article published at www.propertyobserver.com.au by Jonathan Chancellor 23/4/2014 (Source: John McGrath’s “UltimateGuide to Real Estate” HarperCollins Publishers)
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