Luxury Market ‘Arms Race’ Ratchets Up Again

The first sod has been turned on DCF Property Group’s $180-million highrise that promises to raise the bar for luxury apartment developments even higher. The project is First Light, a 26-storey tower rising at 28 Albert Road in Melbourne’s Domain Precinct, about 2.5km south of the CBD and overlooking Albert Park and the Royal Botanic Gardens Victoria. It has been designed by YOO &amp; Starck with interiors by French architectural interior designer Léo Terrando and elements by Australia designer Paul Milinski. The development was approved in May, 2022 and DCF broke ground on October 24. Ironside has been drafted for its construction, chosen because it is “a renowned Australian builder specialising in high-end, large-scale developments,” according to DCF chief executive Calvin Huang. First Light could comprise up to 42 apartments but, pending consolidation options, there may as few as 35. ▲ DCF chief executive Calvin Huang at the First Light display suite. And as demand for the top end continues to rise, what First Light is planning is nothing if not lavish. Huang tells The Urban Developer that First Light is for those “who can afford the best things in life”. And it is that market that is winning the lion’s share of development in Australian capitals as ongoing shortages in labour, materials and sites continue to stop almost all but the most high-end projects stacking up. But as the number of projects aiming to tap into that end of the market continues to rise, winning attention, not to mention buyers’ money, has become a race to the top. One floorplan available within the tower includes a $500,000 kitchen among its features. “First Light is all about offering the best of the best—whether that’s access to luxury design, cutting-edge appliances or fine dining,” Huang says. ▲ The luxury standards of the tower underscore where this segment of the market is heading to win buyers. Location, as always is key: First Light is near the coming Metro Tunnel and Anzac Station development, providing direct links to Melbourne’s CBD. Getting “names” onboard a project is a big plus, bringing prestige to the project and winning attention from the ultra-luxury-focused target buyers. Among those involved in DCF’s project is French interior architect Léo Terrando, who designed the residential spaces “with a deliberate departure from conventional luxury aesthetics”. A material palette featuring pearl travertine, brushed nickel, charcoal oak and “bespoke materials” will create what Terrando describes as a “unified visual experience”. “I really wanted to do something different here,” Terrando says, adding that he was “inspired by the fluid forms of the surrounding natural environment” and “drew inspiration from Nobuhiro Nakanishi’s layered drawings”. Huang says while they prefer to use Australian talent and suppliers, there are some design aspects of First Light so unusual that few worldwide, let alone nationally, can deliver, such as the 2mm-thick stone veneer on the whiskey bar. ▲ The stone veneer for the whisky bar is sourced in Australia, with a single piece sliced to 2mm thick overseas. Image: Gabrielle Saunders “We spent a lot on this. It’s Australian-patented design but it needs world-class technology and there’s only one place in Hong Kong that can cut stone that big into 2mm slices,” Huang says. At the heart of each residence is a kitchen that includes the world’s first installation of Miele’s ArtLine series in matte black with handleless Touch2Open technology, and custom systems from Italian manufacturer Boffi, as well as the Combine Evolution Island designed by Boffi’s creative director Piero Lissoni. MILINSKI creative director Paul Milinski designed the tower’s entry that incorporates kinetic elements in the southern façade that serve both aesthetic and privacy functions—their clients include Luis Vuitton, Hermes, Cartier and Gucci among others. “It wasn’t cheap to get Milinski, but it was worth it,” Huang says. First Light will also include Australia’s first YOO hotel—a significant expansion for the international brand founded by property entrepreneur John Hitchcox and designer Philippe Starck. The 97-key hotel dubbed Nu by YOO features luxury accommodation, communal spaces, a wellness sanctuary operated by Temple Spa, and a lap pool with tropical landscaping. ▲ The Combine Evolution Island is the centrepiece of the kitchen. Image: Gabrielle Saunders YOO has built a reputation by combining luxury with distinctive design—its foray into Oceania signals a growing international confidence in Melbourne’s luxury property market, according to Huang. Acclaimed Melbourne chef Scott Pickett will operate LUNA_TIC within the complex, while restaurateur Jason Lau will launch a separate dining destination, all aimed at elevating the precinct’s culinary offerings. The tower’s resident services extend to in-room dining from Pickett’s restaurant. “Having the hotel downstairs means residents can access all it has to offer,” Huang says. “They can order a meal from Scott or Jason. It can be reheated, or they can use their smart pad and get cooking instructions so they can cook it themselves.” LaVie Hotels and Resorts will manage the Yoo offering—chief development officer Chris Batterham says the hotel is a “symbol of what the future of hospitality can be: innovative, inspiring and deeply connected to the places and people it serves”. And DCF has secured partnerships with luxury brands Harrolds and Space Furniture, offering residents fashion services and curated interior furnishings. ▲ Space Furniture has curated interior furnishings, with “award-winning pieces that reflect First Light’s commitment to excellence in design”. As well, a nearby Woolworths Express and The Work Club among other neighbourhood businesses are making agreements with First Light to look after those who call it home, short or long-term. “Our guests and residents can order their shopping during the day, and it will be delivered to an air locker cabinet before they arrive home,” Huang says. And this is on top of many other amenities popular in developments of this category, such as work spaces, energy efficient and environmentally concious design and materials, wellness offerings, 24/7 concierge assistance, valet services, curated travel experiences and personal shoppers. As the Australian premium property sector continues to evolve, First Light’s comprehensive approach to luxury is firmly among the projects taking this segment of the market to a new level to entice the ultra-wealthy aboard. “We’re establishing new parameters for what developers can achieve in the luxury sector,” Huang says. First Light is due for completion in October, 2026. The hotel will be open soon after. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

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