KUALA LUMPUR, Oct 6 — SP Setia Bhd Group will set a new benchmark for Australia’s most expensive apartment with the impending sale of a A$29 million (RM95.2 million) 650 square metre luxury penthouse on top of Melbourne’s hottest new address, Sapphire by the Gardens.

In a statement today, Chief Executive Officer of SP Setia’s operations in Australia, Choong Kai Wai, said the penthouse was situated in a prime central business district and the building would establish itself as an iconic part of Melbourne’s skyline.

"Sapphire by the Gardens is perfectly located and offers incredible access to world-class infrastructure, transport and education facilities as well as having Melbourne’s newest five-star hotel — the Shangri-La — right next door,” Choong said.

SP Setia has established a strong record of success in Victoria, delivering over 800 apartments at Fulton Lane Apartments and 329 apartments at Parque on St Kilda Road.

It will soon be launching another boutique project of 47 units — Marque Residences on High Street in Prahran — as well as recently acquiring a 1,714 sq m site for A$61million at 111 A'Beckett Street, Melbourne with an estimated gross development value (GDV) of A$419million.

The group is well-established in the three key economic centres of Malaysia, namely, Klang Valley, Johor Baru and Penang and also has a project in Sabah.

Its international reach now includes five countries — Vietnam, Australia, Singapore, China and UK.

As of March 31, 2017, the group has 30 ongoing projects, with an effective stake of 2,080 hectares in undeveloped landbanks remaining and RM75.72 billion in GDV. — Bernama