Blue Diamond Plots Riverside Homes in Blue-Ribbon Toorak

Blue Diamond—a company associated in ASIC documents with director Kanwal Jagroop Singh—is planning a five-storey, luxury apartment block on the 3662sq m site. 

The 12 homes would be a single one-bedroom apartment, 10 three-bedroom units and split-level apartment across the ground and first floors with five bedrooms. 

There would be parking for 33 cars, according to the ministerial permit plans submitted via the Development Facilitation Program late last month. 

Under the design by Charles Wright Architects for Blue Diamond, the proposal’s street-level entry would lead to a central common lobby with lift access to the apartments. 

Independent access would be provided to the two-level penthouse above the lobby. 

▲ A rendering of the proposed Toorak apartments on St Georges Road viewed from the Yarra River.

Apartments would have common living areas and balconies orientated to capitalise upon views towards the Yarra River. A communal rooftop area is included in the plans.

While Toorak has long been Melbourne’s premiere “old money” suburb, homes prices have tanked in the past 12 months. 

House prices in particular have take a hit, declining 20.1 per cent in the past 12 months, according to realestate.com.au. However, the median remains high at $4.58 million. 

Apartments declined at a slower pace, down 4.1 per cent to a median of $940,000, and a three-bedroom apartment could still fetch around $1.92 million. 

Highly sought-after, land and homes at Toorak are tightly held. This year, a tranche of land on Lansell Road came to market for $80 million, while Orchard Piper’s $400-million One Toorak Place mixed-use complex on Carters Avenue, backed by billionaire investor James Packer, is now under construction by Cobuild ahead of completion early in 2028.

The 44-unit development has already secured $150 million in sales.