In a very busy day for our amazing settlement support and customer care teams, Ironfish recently helped to settle 500 apartments for our investors in the luxury Whitehorse Towers development in the Melbourne suburb of Box Hill.
Whitehorse Towers, which is the tallest residential tower outside the Melbourne CBD, was developed as a joint venture between Deague Group and Ironfish.
“A big congratulations to all our investors on their settlement. Whitehorse Towers is an outstanding development which incorporates the spirit of the neighbourhood beautifully,” said Ironfish CEO & Founder, Joseph Chou.
“We are proud to continually deliver projects of such high quality and excellent value to our investors.”
The rapid settlement of all 500+ apartments is a reflection of how pleased investors are with the project. Investors recognise this is a landmark project for the area, and has been finished to a very high standard. Valuations for the apartments came in around $1000 per square metre above the original price points. Apartments were pre-sold on an average of around $8600 per sqm.
“I told the selling agent that anyone who doesn’t want to settle we’ll take the apartment back because of the increase in value. But not one person wanted to take that up,” Deague Group CEO, Will Deague told AFR.
The settlement comes off the back of new concerns of housing under-supply in the Melbourne market – with analysts such as BIS Oxford Economics reversing its earlier prediction of an over-supply.
“I’ve been talking undersupply for years because I can see with my own eyes what’s going on,” said Mr Deague.
Whitehorse Towers offers a mix of one, two and three-bedroom apartments, and incorporates retail outlets, eateries and a boutique 100-room Art Series hotel, The Chen.
“The fact that so many properties could be settled on the same day is a testament to the capability and strength of our business, and the great dedication of our service team. It’s a great achievement all around,” Mr Chou added.
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