S P Setia launches Atlas Melbourne mixed development project in Melbourne's CBD

• Located on 383 La Trobe Street in Melbourne's central business district (CBD) and occupying 2,850 sq m of prime freehold land, Atlas Melbourne is a 73-storey mixed-use development comprising one residential tower atop a podium that houses ground and first-floor retail, foyer space, and residential amenities.

KUALA LUMPUR (Oct 5): S P Setia Bhd (KL:SPSETIA) has officially launched its latest Australian project, Atlas Melbourne, at a preview event held at the Setia International Centre in KL Eco City on Saturday.

Located on 383 La Trobe Street in Melbourne's central business district (CBD) and occupying 2,850 sq m of prime freehold land, Atlas Melbourne is a 73-storey mixed-use development comprising one residential tower atop a podium that houses ground and first-floor retail, foyer space, and residential amenities.

The project offers 839 residential apartment units, ranging from studios (29.2 to 40.2 sq m) and one-to-three-bedroom apartments (50.1 to 195.2 sq m) to sub-penthouses (211 to 444.1 sq m) and a penthouse unit (349.5 sq m). Selling prices range from A$410,000 to A$12.8 million (RM1.18 million to RM36.7 million).

Construction is set to start in the second quarter of 2025, and Atlas Melbourne, which is estimated to be completed by mid-2029, will be developed in stages.

"Our product is very strategically acquired and located. We are also selling in the right market and focusing only on the CBD. Atlas Melbourne is our latest project, it's right in the heart of the CBD," Setia (Melbourne) Development Co Pty Ltd director See Hunt Soon said during the launch event, adding that this is the first project launch in six years in the CBD.

He added, "We engaged renowned architecture firms Fender Katsalidis and Cox Architecture. We emphasise quality design and are selling at a competitive price. The 73-storey tower has a very nice podium and the project sits atop a hill. It's very imposing, you won't be able to miss it when it's completed. Hence, design is important. It beautifies the city."

Atlas Melbourne is a short walk from Flagstaff Gardens, Queen Victoria Market, Melbourne Central Shopping Centre, State Library of Victoria, Emporium Shopping Centre, RMIT University, Bourke Street Mall and Chinatown.

Furthermore, S P Setia held a series of talks in conjunction with the launch. In his presentation titled Melbourne CBD Apartments Market Outlook, Colliers International Residential (Victoria) Pty Ltd managing director Tim Storey said that properties in Melbourne are “hugely undersupplied” at the moment.

"Supply levels reached their peak in the 2016 to 2018 period. Planning restrictions, lack of available sites and construction costs drive the undersupply. By 2033, Melbourne will account for 65% of the national housing shortfall," said Storey, adding that there is a drastic need for the market to have more supply.

Meanwhile, AIMS Group chief executive officer Pearce Cheng, in his presentation, Navigating Migration in Melbourne, explained the recent policy changes Australia has made in its migration strategy and the several visa and migration pathways one could take to settle down in the country.

S P Setia​ is a strategic partner with EdgeProp START, featuring the Chorus @ Setia Ecohill 2​ development. All S P Setia homebuyers also get to enjoy rewards worth up to RM18,888. 

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