Magna Prima Berhad announced on Bursa Malaysia its maiden overseas venture in Melbourne, Australia.
The AUD210 million Dynasty Living apartment tower is located on A’Beckett Street in the heart of Melbourne’s Central Business District.
Spread over approximately 2,700 sq m of freehold prime land, this 25-storey, single tower residential apartment will feature 320 units ranging from one, two or three bedroom apartments to a 2 storey penthouse.
All units feature either a balcony or an indoor terrace.
Initial pricing tags a 1 bedroom unit at AUD 309,000 onwards.
The development is located within a 5 min walk to Melbourne’s iconic Queen Victoria Market, a 5 – 10 mins walk to the renowned University of Melbourne and RMIT and is within a less than 10 min walk to the Flagstaff train station.
Construction is expected to commence during the 4th quarter of 2011, and is expected to be completed in 2013.
Research recently released by CB Richard Ellis has reinforced what is already evident in the regional property market - tighter government regulations in some Asian countries is clearly contributing to higher demand for apartments in Australia, with targeted prices for assets ranging anywhere between AUD400,000 to AUD1 million.
Properties most is demand are those that are up to a 15km radius of the Central Business District and are serviced by the transport grid and within close proximity of educational facilities, said reports by local Australian developers.
Victoria specifically occupies only 3% of Australia’s total landmass, yet accounts for 25% of the nation’s economy, and Melbourne, its capital city is the most populated area within the state.
Research has described Melbourne as being the fastest growing city in Australia, with a current population in excess of four million, and which is increasing by approximately 90,000 residents per year.
The Australian Bureau of Statistics released predictions stating that by 2056 Melbourne's population could swell to almost 8 million.
Dynasty Living is in line with the company’s plan of putting a strong footing for growth and the maiden project in Australia will be its first step in placing Magna Prima on the global map.
enzo said...
do NOT buy!!!! Magna Prima HAVE REDUCED the quality of the fixtures to reduce the cost of the apartment. In 2009, 2010 and mid 2011 they were selling from AUD $321,000, now after cutting back on its quality they are selling from AUD $309,000.00 - BE WARE BUYERS, shop elsewhere better quality apartments elsewhere in Melbourne, look at Central Equity they have great apartments!.
November 08, 2011 1:57:00 PM
anonymous said...
Bought one of these apartments (Dynasty Living – Melbourne, Australia) which Magna Prima have taken over from Yucai Australia Pty Ltd. Thru their agents in Elite Properties Pty Ltd Australia. After securing one apartment by signing a Sale Contract and outlaying 10% Deposit they ALL have along with there solicitors have since been non responsive to my emails and in particular letters from my Property Lawyer/Solicitor - extremely poor and unprofessional. I have since on 11/10/2011 sent email to Magna Prima and they too have yet to respond. The world is greedy all about money, Prior to one signing up they all treat you as sweet as icing on a cake, and only after they have received your signature and down payment they treat you like a lemon very bitter!!!!!!!! I advise ALL looking into this development DO NOT buy. P.S.: Had inside information that the development will not start in 2011 and will not be completed in 2013 regardless of what is printed by Developers – It's a Trap!!!!!!!! --- From An Australian Buyer with Regret!
October 12, 2011 4:59:00 PM
anonymous said...
Bought one of these apartments (Dynasty Living – Melbourne, Australia) from Yucai Australia Pty Ltd. Thru their agents in Elite Properties Pty Ltd Australia. After securing one apartment and only they received my 10% deposit they ALL have since along with there solicitors been non responsive to my emails and letters from my solicitors - extremely poor and unprofessional. I have since on 11/10/2011 sent email to Magna Prima and they too have yet to respond. The world is greedy all about money, Prior to one signing up they all treat you as sweet as icing on a cake, and only after they have received your signature and down payment they treat you like a lemon very bitter!!!!!!!! I advise ALL looking into this development DO NOT buy. P.S.: Had insight information that the development will not start in 2011 and will not be completed in 2013 regardless of what is printed by Developers – It's a Trap!!!!!!!! --- From An Australian Buyer with Regret!
October 12, 2011 3:15:00 PM
enzo said...
do NOT buy!!!! Magna Prima HAVE REDUCED the quality of the fixtures to reduce the cost of the apartment. In 2009, 2010 and mid 2011 they were selling from AUD $321,000, now after cutting back on its quality they are selling from AUD $309,000.00 - BE WARE BUYERS, shop elsewhere better quality apartments elsewhere in Melbourne, look at Central Equity they have great apartments!.
November 08, 2011 1:57:00 PM
anonymous said...
Bought one of these apartments (Dynasty Living – Melbourne, Australia) which Magna Prima have taken over from Yucai Australia Pty Ltd. Thru their agents in Elite Properties Pty Ltd Australia. After securing one apartment by signing a Sale Contract and outlaying 10% Deposit they ALL have along with there solicitors have since been non responsive to my emails and in particular letters from my Property Lawyer/Solicitor - extremely poor and unprofessional. I have since on 11/10/2011 sent email to Magna Prima and they too have yet to respond. The world is greedy all about money, Prior to one signing up they all treat you as sweet as icing on a cake, and only after they have received your signature and down payment they treat you like a lemon very bitter!!!!!!!! I advise ALL looking into this development DO NOT buy. P.S.: Had inside information that the development will not start in 2011 and will not be completed in 2013 regardless of what is printed by Developers – It's a Trap!!!!!!!! --- From An Australian Buyer with Regret!
October 12, 2011 4:59:00 PM
anonymous said...
Bought one of these apartments (Dynasty Living – Melbourne, Australia) from Yucai Australia Pty Ltd. Thru their agents in Elite Properties Pty Ltd Australia. After securing one apartment and only they received my 10% deposit they ALL have since along with there solicitors been non responsive to my emails and letters from my solicitors - extremely poor and unprofessional. I have since on 11/10/2011 sent email to Magna Prima and they too have yet to respond. The world is greedy all about money, Prior to one signing up they all treat you as sweet as icing on a cake, and only after they have received your signature and down payment they treat you like a lemon very bitter!!!!!!!! I advise ALL looking into this development DO NOT buy. P.S.: Had insight information that the development will not start in 2011 and will not be completed in 2013 regardless of what is printed by Developers – It's a Trap!!!!!!!! --- From An Australian Buyer with Regret!
October 12, 2011 3:15:00 PM
