Australia 108

The developers of the Australia 108 development successfully sold over 1,000 apartments in a six month period, however they were left with many of the high-end and higher priced apartments on the top ten floors, including the $25 million full floor penthouse. The buyer pool of purchasers significantly reduces when the price exceeds the $20 million price range, so finding a buyer would be challenging.

Background

Australia 108 is a large scale residential apartment development in the Southbank precinct of Melbourne. Australia 108 will become the tallest building in Australia and one of tallest buildings in the southern hemisphere. The project consists of a 317-metre-tall (1,040 ft) apartment building with 1,105 apartments over 100 floors.

Our specialist residential property sales and marketing group, KM Sales & Marketing, provides tailored project marketing solutions for property developers, financiers and government bodies throughout
Australia and overseas.

How we helped

Our KMSM team regularly travel to Asia, especially China to sell varying off‑the‑plan projects in Victoria and Queensland. In addition, KMSM engaged with many sales channels to assist to sell specific projects throughout Asia.

During one of our selling trips we were able to engage with a potential buyer for the penthouse at Australia 108 through one of our key sales channels. Once we had provided the potential buyer with all the detailed plans and provided comfort that this property was what the buyer was searching for, we were able to secure the property after just one day of negotiations.

During the complex negotiations, we were able to work as a collaborative team along with our sales channel in both China and in Australia to execute the successful sale at the record price of $25 million.

Result

This outstanding result not only provided the developer with the highest price ever paid for an apartment at the time, it also provided further confidence and strength in the Melbourne apartment market.