“THE hand that rocks the cradle rules the world.”
The wisdom of never despising one’s humble beginnings ring true even for a simple meaningful decision set in motion years ago.
And a father’s love had made a big dream come true that it has profoundly impacted Australia.
Such is the heartwarming story behind the latest talk of Melbourne. Already, the typically low built state is basking in the glory of what will proudly be Australia’s tallest inner-city development, STH BNK By Beulah, helmed by the company’s executive director Adelene Teh and her husband, managing director Jiaheng Chan.
The Melbourne property developer’s collaboration is solidified with investment partner Tan Sri Kong Hon Kong via his investment vehicle, KHK Group.
His daughter Jo Jo Kong, executive director of KHK Land, also plays an active role in the project, which is Beulah’s third project financed by Maybank.
Indeed, this is no ordinary development by any standards and neither is Teh’s father a mere cookie-cutter property man.
Known among Malaysian industry circles as Datuk Teh Kean Ming – the formidable property magnate chalked up over four decades of solid real estate experience – and helmed IJM Group before his retirement.
In person, the humble and self-effacing yet knowledgeable and fatherly managing director of JKG Land prefers to remain low-key; comfortable with his role as an “Asian Tiger Parent” when it comes to managing his children.
“Adelene wanted to do fashion design but I made her promise me… Focus on one thing – a basic professional degree. Thereafter, go ahead with what you want to do so there are no regrets. This led to what she is today,” he told Focus Malaysia at the Malaysian road-show event held over a weekend at Four Seasons Kuala Lumpur.
The event was held for Malaysian friends and supporters keen to secure their pie in the Melbourne sky.
That act of obedience and trust saw her pursuing architecture and accidentally cutting her finger, with blood gushing out profusely when she was doing a project model cardboard. Hearing this, the frantic father was tempted to fly out that very night to Melbourne and tell her to forget architecture altogether.
However, Adelene completed her architecture training and thanked her father. Unbeknownst to both, this decision proved to be right, paving the way forward to her success.
No ordinary dream
After the first dream came true, another dream was starting to take root, which materialised after the pandemic. Upon reflection, this act of trust and obedience paved the way for greatness to be accomplished.
STH BNK By Beulah, an A$2.7 bil (RM8.54 bil) development, recorded over RM1.2 bil in apartment sales on its launch day, including a record-breaking RM105 mil sub-penthouse sale.
Taking the crown of Melbourne’s most expensive apartment ever, the sub-penthouse spans 10,800 sq ft across an entire floor. This pioneering feat is unheard of in Australia’s low-built landscape, even more so off during the height of COVID-19.
Kean Ming attributes the success to strong momentum backed by substance, as well as two key factors, including the involvement of Four Seasons, which is “very selective as a partner”.
“The fact that they are joining, shows they are confident which is very important,” he mentioned.
“World-class Pompidou from Paris, which is renowned for its arts and culture will complement Melbourne, which is also famous for its arts and culture. These two components make this project very special,” he added.
The impressive results came as Melbourne’s property market rebounded – vacancy rates dipped post-pandemic to an all-time low of below 2% while median house prices soared throughout the pandemic.
Coupled with the unemployment rate being at an all-time low since the start of the pandemic and credit ratings being amongst the best in the world, the project attests Kong offers of “an unprecedented opportunity that is set to push the boundaries of property development”.
Currently, there are generous stamp duty concessions available that buyers are taking advantage of, including the City of Melbourne stamp duty savings on new homes.
Eligible purchasers, including investors, may be eligible for a 50% stamp duty waiver under the scheme when purchasing a brand-new apartment at STH BNK By Beulah, but only if the property is purchased before June 30, this year.
To rank the project as iconic is a given; and by all sense of the word, it is a project ahead of its time. Thoughtfully considered in every angle, its incomparable winning concept espouses stunning sculptural form composed of two twisting towers providing an urban retreat in the sky with four distinct collections offering one-bedroom apartments through to five-bedroom sky homes priced from RM1.7 mil.
STH BNK By Beulah is also the first residential tower in Victoria to follow the “Better Apartment Design Standard” with four unique collections comprising Garden Rise, High Rise, Sky Rise and branded residences offering design-driven and highly efficient layouts.
Designed in partnership with globally-esteemed UN Studio and Cox Architecture, the ultimate in luxury living with its hyper-mixed use development featuring an eight-level lifestyle podium comprising a wellness and culture precinct, premium retail with over 100 stores, inspiring cultural events and an impressive entertainment auditorium, a fresh food market hall and 50,000 sqm of commercial office space are made possible.
The iconic vertical garden, the tallest in the world, shields the apartments from direct sun during summer while maximising natural light in winter.
The Beulah FreshAir™ – a bespoke and evolutionary centralised ventilation system – created in partnership with renowned design, engineering, architecture and planning firm Arup will provide the freshest and cleanest air in any Australian residential skyscraper.
High sustainability benchmarks and the sourcing of local materials to reduce waste and minimise the project’s carbon footprint will characterise the project.
Residents will enjoy a suite of resident-only amenities and offerings including the recently announced STH BNK Auto Club, a first-of-its-kind fleet of luxury vehicles including BMWs, Teslas, Porches and Range Rovers for residents to use via a car-sharing model; a private Residents’ Club that offers resort-like amenities and services and neighbourhood “pocket” parks dotted throughout the towers plus STH BNK Concierge for added first world-class service and convenience. – June 18, 2022
Yvonne Yoong is Focus Malaysia’s contributing Property & Lifestyle Editor seasoned in covering the property beat and other industries.
