Multi-national Chinese-based developer Ruiyi has proved overseas developers continue to find the Melbourne market profitable after setting up roots in Melbourne with ‘Australia Ruiyi’.
The developer acquired four land parcels across North Melbourne, Coburg, Diamond Creek and South Melbourne, worth a combined $400 million and totalling over one million square metres of land.
The first of the company’s Melbourne projects to launch is ‘South’, a $48 million residential project in prestigious South Melbourne.
Aimed at the local owner occupier market, South is set to launch in the coming weeks and features 69 one, two and three bedroom apartments with ground floor retail and an expansive rooftop garden with superb city views.
The building’s impressive curved glass facade fills each apartment with light, highlighting the neutral colour palette and natural materials within.
Australia Ruiyi General Manager Rachel Wang said South Melbourne is the perfect location for the company’s inaugural project.
“South is located in one of Melbourne’s most affluent areas, with a high concentration of renters and a great local atmosphere.
“The project is an excellent opportunity for us to introduce ourselves to the market and really deliver a high quality product that will stand the test of time,” Ms Wang said.
“Located just three kilometres from the CBD with a Walk Score of 92, and a local population set to increase by 91.9% over the next 20 years, we see South Melbourne as a key strategic suburb to either live or invest in,” she said.
“It’s no secret that Melbourne has a strong property market; it is consistently ranked as the world’s most liveable city, has strong population growth, good schools and a thriving employment sector.”
Some of the key projects in the developer’s portfolio include the Oriental Garden in Feidong City, Silver Lake residential projects, the Jinjiang Inn and Holiday Inn hotels, Longzi Bridge and two Expressways in China.
Australia Ruiyi is currently undergoing a tender process to select a builder for South and sales across the project are expected to launch later this month.