MALAYSIAN group Beulah International has appointed Multiplex as builder of its controversial $200 million Paragon tower, on the former Celtic Club site in Melbourne’s CBD.
The 48-level project at 318 Queen Street was designed by Fender Katsalidis and landscaper Paul Bangay, and will comprise 227 luxury apartments and a three-storey elevated indoor forest, while the exterior will feature a Celtic-inspired geometric pattern.
“This is the first time Beulah International has worked with Multiplex and we chose to collaborate on Paragon due their strong industry reputation globally accurately reflecting the premium nature of this project,” managing director of Beulah International, Jiaheng Chan said.
Beulah secured $100 million in financing for the tower late last month from Malaysia’s Maybank.
Paragon was launched one year ago and 90% of apartments were sold during the registration of interest campaign.
The 140-year old premises was sold to Beulah almost two years ago for $25.6 million, following a vote by Club members. The sale included an option for the Club to buy 2,000 sqm over the ground and first floors for a new club.
If it did not sell the property ahead of the expiry of a redevelopment permit, the club could have lost around $10 million on the potential sale figure without the air rights. Beulah was required to have started work by October last year.
Completion is expected in the second half of 2020.
Last week, Beulah released the six finalists of its design competition for its $2 billion development on the 6,061 sqm BMW dealership site in Melbourne’s Southbank, which will potentially be home to the tallest building in Australia.
Beulah paid $101,088,888 for the triple-fronted 58 Southbank Boulevard site late last year, with 2,000 sqm of the property to be reserved for a new BMW dealership.
Australian Property Journal
