Savills Singapore has launched 623 Collins, a new residential development in Melbourne’s Central Business District (CBD), for sale to buyers here. Prices are expected to start from approximately A$610,000 ($561,553.80).
The launch this weekend comes amid ongoing renewal in Melbourne’s CBD, where redevelopment of older commercial sites continues to support housing supply in central locations.
Located along Collins Street, one of Melbourne’s most-established commercial corridors, the project is within walking distance of major transport links, employment nodes and lifestyle amenities.
Developed by Melbourne-based Sterling Global, the project will redevelop the historic former State Savings Bank of Victoria site into a 42-storey mixed-use tower comprising 320 residences, alongside office and retail space.
Completion is targeted for 4Q2029.
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More than 2,700 sqm of office space and about 900 sqm of retail and hospitality offerings are also planned within the development, “reinforcing the project’s position within a well-connected commercial and transport precinct”, says Savills Singapore.
Two heritage-listed buildings — the 1924 banking chamber that formerly housed the State Savings Bank of Victoria and the Batman’s Hill Hotel — will be retained and restored. The heritage banking chamber is slated for adaptive reuse as a future hospitality venue.
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The A$610 million development will offer residences across four collections, supported by lifestyle amenities including a well-being retreat, sauna, spa, steam room and cold plunge facilities, as well as a pool, a gym and private dining spaces.
Interest in well-located Australian property continues to be supported by population growth, strong education demand and limited new supply in prime city locations, according to Savills Singapore.
Brandon Yeoh, director at Sterling Global, says Melbourne is at a “pivotal point” in its growth, with demand for inner-city living continuing to outpace supply. “At 623 Collins, we’ve taken a heritage building that has been part of Melbourne’s story for a century and reimagined it for modern living. While new towers will continue to rise across the CBD, buildings with genuine heritage fabric and craftsmanship remain rare and ultimately carry lasting value for both residents and the city.”
Melbourne remains one of Australia’s largest economic and population centres, underpinned by its role as a major education, healthcare and professional services hub.
For Singapore buyers, the city continues to offer a “combination of lifestyle appeal, rental demand and long-term growth potential, particularly in centrally located areas with strong connectivity and limited land supply”, according to Savills Singapore.
Adrian Lim, senior director and head of international residential sales at Savills Singapore, says the city remains attractive to Singapore investors due to its “steady population growth, strong university ecosystem and sustained demand for centrally located housing”.
“From an investment perspective, buyers are increasingly looking at cities with diversified economic drivers and long-term liveability credentials. Markets such as Melbourne offer a transparent regulatory environment and established rental demand, which helps provide confidence for long-term ownership,” adds Lim.
Savills Singapore will hold a launch event for 623 Collins this weekend, May 9 and 10, at Voco Orchard Hotel.
Photos: Savills Singapore
