Property Insight > News release > S P Setia’s Sapphire takes the crown of Australia’s most expensive penthouse

S P Setia’s Sapphire takes the crown of Australia’s most expensive penthouse

MELBOURNE, AUSTRALIA: Premier Malaysian property developer, S P Setia Berhad Group, will set a new benchmark for Australia’s most expensive apartment with the impending sale of a 650 sqm luxury penthouse on top of Melbourne’s hottest new address, Sapphire By The Gardens.

An artist’s impression of S P Setia’s ‘Sapphire By The Gardens’ development that is overlooking Carlton Gardens.

The penthouse occupies the entire 57th (and topmost) floor of one of the development’s two towers.

Taking the crown of Australia’s most expensive apartment, the AUD $29 million penthouse is conveniently located in the CBD and will boast spectacular 360-degree views of Melbourne, overlooking the UNESCO World Heritage listed Royal Exhibition Building and surrounding Carlton Gardens.

CEO of S P Setia’s operations in Australia, Mr Choong Kai Wai, said that the penthouse was situated in a prime CBD location and that 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,” said Mr Choong Kai Wai. 

“It is rare to find an opportunity to purchase CBD property that overlooks parkland, and the 360-degree view from the penthouse will be comparable with some of the most sought-after views overlooking famous locations, like Hyde Park in London or Central Park in New York.”

Melbourne is often-considered Australia’s fastest growing, and well-performing, property market, and is tipped to overtake Sydney’s population by 2030 according to the most recent census data. The Australian city has gained international fame, winning the coveted title of World’s Most Liveable City seven years in a row.

“It is widely reported that Melbourne’s population is expected to continue increasing at a rapid rate, and investing in a growing city is a smart long-term investment strategy,” said Mr Choong. “Population growth is directly related to an increase in demand for property, which will result in strong price growth as well.”

Sapphire will become immediately recognisable like other iconic buildings, such as The Shard or The Burj Khalifa, combining breath-taking panoramic views with a grandeur of proportion, exceptional craftsmanship and attention to detail which is unparalleled in Australia. According to Mr Choong, a customised approach to the penthouse design will be critical to the delivery of Australia’s most expensive apartment.

“We know that the buyer of the penthouse will have a very distinctive style and prestigious tastes, which is why we have set aside a budget of AUD $5 million to provide customisations to the design, layout and finishes– including a kitchen designed by world-famous restaurateur, Shannon Bennett.”

An early design of the unique Sky Lounge within the development.

A concept image of the mesmerizing infinity pool in the residential tower.

An early render of the residential lobby within one of the two towers.

“There will even be 10-car spaces made available to the penthouse buyers to securely and conveniently garage their fleet of cars.”

The residential building, which will house the penthouse, is connected by a magnificent sky-bridge to a second tower, which will host Melbourne’s newest luxury five-star Shangri-La Hotel. The sky-bridge will become a key part of the building’s façade and has been designed to reflect a Sapphire, which is represented in the building’s name.

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