CDL Australia has begun construction on our first national build-to-rent project, this time in Melbourne, following a ground-breaking ceremony.
The project will add an additional 237 homes to the Southbank area on Normanby Road and hopes to ease the current shortfall of rentals in Melbourne.
Representatives from parent company City Developments Limited (CDL), Gerald Yong (CIO), Eik Sheng Kwek (COO), Matthew Choo and Wei Jun Poh, joined Australian executives Cameron Laird and Federico Keil recently for an official ground-breaking ceremony for the build-to-rent project located in the heart of Melbourne’s largest urban renewal precinct.
Head of Australia, Cameron Laird, said he was excited to see the vision for the project starting to take shape.
“With construction sign-off now complete, it’s exciting to get this project off the ground and begin to help ease Melbourne’s rental supply shortage,” he said.
“Following the construction sign-off, demolition was completed in September, making way for the piling rig which was mobilised late September.”
“Currently 29 piles have been completed and tested, with an estimated completion in late 2025.”
Half of the build-to-rent project will consist of 1-bedroom apartments, while another quarter will offer two-bedroom apartments, and a final 25 per cent will provide studio apartments.
Exclusive resident amenities include a mix of health and wellness facilities as well as collaborative working spaces. Cameron said the project was designed with a modern lifestyle in mind.
“As more and more young professionals switch to remote working arrangements, we’ve included co-working areas so residents can work from home in a dedicated space, or students can easily collaborate together,” he said.
“Additionally, a gym will be included on a mezzanine level, alongside a wellness area complete with spa and yoga studio.”
Residents can look forward to socialising or kicking back and enjoying the sports lounge and TV/cinema room. A barbeque area, dining room, sky lounge and deck on the top level will wow both residents and their guests.
Melbourne will mark CDL Australia’s first build-to-rent project, with the second build-to-rent project in Toowong Brisbane, commencing construction in Q1 2024.
Backed by Singaporean leaders in residential development, City Developments Limited, CDL Australia’s completed portfolio includes Ivy & Eve in South Brisbane and The Marker in West Melbourne.
For more information visit the project page here.