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    Building height cut results in 25 percent value fall for Melbourne tower

    In a bid to meet design rules, the design of the S P Setia-developed twin tower complex in Melbourne CBD has shed six of its proposed 70 storeys.

    While this cut has been welcomed by city planners, the Malaysia-based developer claims the end value of the building has subsequently dropped from $640 million to $478 million – a fall of $162 million, or just over 25 percent.

    Designed by COX Architecture and Fender Katsalidis Architects, the 4,000sqm site fronts Exhibition and La Trobe streets. It is the fifth project by S P Setia, who are currently undertaking high-rise residential projects in Melbourne’s CBD and two suburban sites.

    According to the plans, the 122,000sqm development was initially slated to comprise 500 apartments, 520 hotel rooms, 437sqm of retail space, a 548sqm ballroom, 347sqm of function space, and 1370sqm dedicated to childcare and pool facilities.

    The revised project will see 318 apartments and 500 hotel rooms built over 64 levels, along with office space and retail areas on the ground floor.

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