S P Setia breaks ground on A$940m Atlas Melbourne, appoints Multiplex as builder
S P Setia has broken ground on its A$940 million Atlas Melbourne residential tower and appointed Multiplex as the builder. The 73-storey, 858-unit development at 383 La Trobe Street has sold 64% of residences since its October 2024 launch, with first handovers targeted for September 2029.
PETALING JAYA (Sept 17): S P Setia Bhd has broken ground on its A$940 million (approximately RM2.6 billion) Atlas Melbourne residential development and appointed Multiplex as the project’s builder.
Located at 383 La Trobe Street in Melbourne’s central business district, the 73-storey development will comprise 858 residences, S P Setia said in a statement on Thursday. The developer said 64% of the residences have been sold since the project’s launch in October 2024.
Major construction works have commenced and are expected to take 52 months. S P Setia is targeting the first residential handovers for September 2029, followed by subsequent stages through 2030, with final handover targeted for December 2030.
S P Setia chairman Tan Sri Syed Anwar Jamalullail said the development reflected the group’s long-term commitment to Australia and would contribute to Melbourne’s housing supply amid resilient demand for inner-city residences. “The appointment of Multiplex brings proven experience in delivering complex high-rise residential projects in Australia,” he said.
Syed Anwar said Multiplex had previously completed S P Setia’s Sapphire by the Gardens development in Melbourne on time and within budget. Multiplex managing director Ross Snowball said the builder would draw on its high-rise construction experience to deliver Atlas Melbourne, having previously worked with S P Setia on Sapphire by the Gardens.
Atlas Melbourne is located near RMIT University, the University of Melbourne, Melbourne Central and Flagstaff Gardens. Its amenities will include the Sky Club on Level 72, the Horizon Collective and a Wellness Club.
Atlas Melbourne expands S P Setia’s Australian portfolio, which includes Sapphire by the Gardens, UNO Melbourne, Fulton Lane and Parque Melbourne. The group is also undertaking master planning for three towers on a 6,500 sq m site at the former Carlton United Brewery precinct, located between the University of Melbourne and RMIT University. Its Australian pipeline also includes its first apartment development in Sydney, located in St Leonards. According to S P Setia, the site is about 6km from Sydney’s central business district and is located between the Crows Nest Metro and St Leonards train stations.
