Melbourne Star an ideal investment at the heart of the city

0

MIRI: For local investors who are considering investing in overseas properties, Melbourne Star would be the ideal choice for them.

GOOD INVESTMENT: The upcoming Melbourne Star apartment at the heart of Melbourne city.

GOOD INVESTMENT: The upcoming Melbourne Star apartment at the heart of Melbourne city.

Located at the heart of Melbourne city, at 280 Little Lonsdale Street, Melbourne’s Central Business District, Melbourne Star has more than everything the city has to offer with shopping, entertainment, sport and education centres just a walk away.

The luxury apartment project is currently being developed by Brady Property Group and is slated for completion by 2012.

And the good news is that the Australian government allows foreigners to buy properties in the country, said Vincent Tee, senior negotiator of Esteem Realty, the real estate agent for Melbourne Star in Malaysia.

Moreover, he added, property investors need not worry about the ability of the developer to complete the project in time as

the Australian government has enact laws to protect buyers.

Unlike here in Malaysia where property buyers need to apply loans beforehand and start servicing their monthly installments even before the property is completed; whereas in Australia property buyers need only to pay 10 per cent down payment.

And this 10 per cent down payment is neither paid to the developer nor the bank but to a trust account managed by a legal firm, where property buyers will apply for loans only when the project is completed, Tee added.

Hence, property buyers are protected from the inability of the developers to complete their projects; whereby the 10 per cent down payment will be returned to buyers in the event of the failure to complete the project , he added.

For Malaysian investors considering this project, they could expect high capital appreciation as well as rental.

For those decided to rent out their apartments, they can expect around A$750 per week for a two-bedroom apartment, said Tee.

Melbourne is one of the fastest growing cities in Australia, where every year thousands of immigrants, migrant workers and students come to the city and the demand for residential dwellings is at all time high, he said.

Moreover, the location is so strategic that residents can merely walk to the Melbourne Central, Queen Victoria Market, the General Post Office, Bourke Street Mall or the RMIT University.

Facilities at the Melbourne Star include security parking, keyless entry to the building plus a sunning pool, a gymnasium and high-speed internet broadband.

For further information contact Esteem Realty at 03-62036585 or log on to Melbourne Star’s website at www.melbournestar.com.au.