New Melbourne CBD Development 623 Collins Launches From AUD 610K

A new mixed-use development in Melbourne, Australia will launch for sale this weekend. The 320-unit project is called 623 Collins and is located in the heart of Melbourne’s Central Business District. The project comprises a new 42-storey residential tower that is connected to two restored heritage-listed buildings, the State Savings Bank of Victoria (1924) and the Batman’s Hill Hotel.

Led by Melbourne-based property developer Sterling Global, these heritage buildings have been restored as part of the development of 623 Collins, and will feature more than 29,063 sq ft of office space and around 9,688 sq ft of retail and hospitality spaces.

The private residential tower features a mix of one- to three-bedroom units and studios. The price of apartment units at 623 Collins are:

• Studio apartments from AUD 610,000 ($559,932) 
• One-bedroom units from AUD 795,000 ($730,478)
• Two-bedroom units from AUD 1,420,000 ($1,304,753)
• Three-bedroom units from AUD 2,900,000 ($2,665,033)

Melbourne’s newest mixed-use project is designed by award-winning Melbourne-based architecture firm Plus Studio. The firm has worked on other adaptive reuse and heritage projects such as Invicta House, an old silk factory transformed into a mixed-use building in Melbourne’s CBD, and Novus on Spencer, a former bakery at the corner of Spencer and Batman Streets in Melbourne as part of a new 20-storey residential development.

Located at the intersection of Spencer and Collins Streets, 623 Collins is part of an ongoing urban renewal taking place in the city’s CBD, where older commercial sites are being redeveloped to support housing supply in central locations.

“Melbourne is at a pivotal point in its growth; demand for inner-city living continues to outpace supply, which makes it all the more important to deliver projects that are designed with longevity in mind,” says Brandon Yeoh, Director at Sterling Global.

Even as new high-rise apartments and commercial skyscrapers reshape Melbourne’s skyline, buildings that are linked to the heritage of the Australian city, that also exhibit craftsmanship in its architecture, carry a lasting value for new residents and the city.

Built in 1924, the former State Savings Bank of Victoria cuts an impressive figure with its Renaissance Palazzo designs and Greek Revival style influences. The site is also close to major transport links such as the Southern Cross Railway Station, as well as employment nodes and lifestyle offerings in the CBD.

The new high-rise residential tower will comprise four distinct collections of units – Reserve Residences, Heirloom Residences, Signature Residences, Penthouse Collection. But each unit will feature appliances from European brands including Miele and V‑ZUG.

Residents at 623 Collins will also have access to a range of amenities including a sauna, spa, steam room and cold plunge, pool, gym and private dining facilities.

Melbourne is one of Australia’s largest economic and population centres, and the city’s economy plays a major role as an education, healthcare, and professional services hub.

For Singapore-based buyers, the city offers a combination of lifestyle, rental demand and long-term growth potential, particularly in central locations with strong connectivity and limited land supply, says Adrian Lim, Senior Director, Head of International Residential Sales at Savills Singapore.

“Melbourne continues to stand out as a well-balanced market for Singapore investors, underpinned by steady population growth, a strong university ecosystem and sustained demand for centrally located housing,” he says.

This bodes well for real estate investors and buyers, who are increasingly looking at cities with diversified economic drivers and long-term liveability credentials, says Lim, adding that Melbourne is characterised for its transparent regulatory environment and established rental demand.

With high stamp duties imposed on Singapore’s property market, local investors have been looking abroad for opportunities to grow their property portfolios. And key Australian markets such as Melbourne are increasingly showing up on the radar.

The average yearly pipeline of new apartments in Melbourne is about 9,000 units, but demand for housing is approximately 38,000 per year over the next five years, driving vacancy rates down from 2.1% to 1.4%, according to research from CBRE Australia.

While it remains to be seen whether integrating heritage buildings with new high-rise developments will elevate the market position of such projects, it is clear that the demand for centrally located housing remains buoyant and is supported by strong population growth.

The resident population in Melbourne has increased by about 1.8% per year since 2000, and had the largest increase of 105,000 between 2024-2025. Amidst increasing buyer activity, apartment rents in Melbourne’s inner precinct are also seeing modest growth, according to JLL.

Moreover, apartment values across Australian cities have not kept pace with construction costs over the past five years, making it an attractive market for consideration. 

Savills Singapore is holding a sales launch of 623 Collins at the Voco Orchard Hotel this weekend.