$350 Million development in Canberra attracts international and interstate buyers

The NewActon precinct, located in the heart of Canberra's Civic West, is a two hectare site on the edge of Lake Burley Griffin with views to Parliament House.

The Molonglo Group, in joint venture with the Macquarie Group, will commence construction of the 183 luxury apartments in July – with more than 10 per cent of buyers coming from overseas.

The ApARTments are a luxury offering with two penthouses fetching $4.5 million-plus-a record asking price for the Nation's capital.

Colliers International's Canberra project marketing director Derek Whitcombe said the NewActon precinct was exciting for Canberra and for the development industry. "There will never be another site like this ever again in Canberra," Mr. Whitcombe said.

"Investors follow this type of 'high-end' developments around the country and they're very interested in this one because of its scarcity."

Managing director of Molonglo Group Nectar Efkarpidis said the huge sales success was proof Canberra's property market was flourishing.

The 18-storey apartment tower with Canberra's best views is defying economic gloom with more than half of the apartments selling in the first four weeks. A whopping 40 per cent of buyers are interstate.

Mr Whitcombe said the 40 different floor plans offered alternative features. New York styled loft apartments featuring a study and two storeys of glass were snapped up quickly.
Construction of The ApARTments, the third stage of the precinct, will kick off next month.

It follows on from the stages one and two which included commercial and residential spaces surrounded by a buzzing selection of eateries and lifestyle services such as a pilates studio.

"We have been planning this site for nearly eight years," said Mr Efkarpidis. The Molonglo Group bought the site off the Federal Government. "When we look at The ApARTments, we wanted it to be much more futuristic, creating a highly sculptured form," Mr Efkapidis said.

"Let's curve this building, let's make it look like it has come out of a sci-fi movie with the latest technology with a shimmering external envelope."

The ApARTments are breaking boundaries for the residential market and are expected to change the face of the Nation's capital.

NewActon is bounded by Edinburgh Avenue, Marcus Clarke Street and Parkes Way overlooking Lake Burley Griffin. The ApARTments name refers to the extensive public art that is on display arranged by acclaimed specialist Pamille Berg, whose previous projects include Parliament House.

Mr Efkarpidis added: "What you see is quirky. It is unique; it's the 'one off' that provides the light to human beings."