Hallmark - 47 Norman Street, Ivanhoe

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Local developer Beulah International recently settled on all apartments at their now complete Hallmark development in Ivanhoe - defying market trends,.

Located on Norman Street in Ivanhoe, the development was designed by Fender Katsalidis, comprising a range of one, two, three and four bedroom apartments. Featuring an exterior based on classical proportions, the project combines travertine and bronze, ensuring it fits in seamlessly and contributes to the character of Ivanhoe .

Despite the ongoing concerns surrounding the industry, 100 per cent of the luxury residences were settled within two weeks of the settlement date, with more than 50 per cent settled prior to the scheduled settlement day.

Funded locally by NAB, the project has now been fully repaid, with more than 80 per cent of bank debts paid before settlement day, highlighting Beulah’s ability to secure and repay debt early when many are facing their own challenges doing so.

Urban.com.au spoke to Beulah International Managing Director Jiaheng Chan about the project's success and Beula International's view of the current market conditions.

Urban.com.au: What do you attribute the success of Hallmark to in the current property climate? Does this reinforce the strength of the Beulah International brand? 

Jiaheng Chan: Great design and delivery. Even when our homes are priced at a premium compared to nearby properties, our purchasers and the wider market see the value of our property. We believe our property's enhanced value also lifts that of the surrounding area bringing benefit to our neighbours. 

This reinforces our brand as a trusted and financially strong developer that continues to deliver, taking design and liveability seriously.

U: What do you believe developments need to succeed in a tighter lending environment but also to attract prospective purchasers, particularly when there is so much competition?

JC: Developers need to remain financially strong and importantly, place a continued focus on great design-led homes. Being in the midst of uncertainties, this will allow developers to maintain the ability to deliver in tough market conditions. 

U: What do you think the effects of the Banking Royal Commission report will have on the market and the way you approach developments?

JC: We are yet to see how the recommendations in the report will be adopted by the government and the market, but we will continue to monitor the progress of this and adapt accordingly.

U: Do you see the success of Hallmark as a sign of confidence in the luxury end of the market and how does this influence your thinking on future projects?

JC: We certainly observed that the luxury end has its challenges too. Australia's population continues to grow and owner-occupiers in all sectors are still looking for homes. 

We see the success of Hallmark as a sign of confidence, particularly with regards to our ethos that good design matters. It reinforces that our commitment to deliver design-led homes and spaces to our residents is the right direction for Beulah.

U: And finally what are your expectations over the next 12 months?

JC: Things are changing daily so it's difficult to predict. With the changing residential market condition, we have prepared for multiples scenarios. We are cautiously optimistic about the next 12 months in the residential space and are prepared to weather the storm with the homes and spaces we are offering the market. 

We are also excited to venture into the commercial office, retail and hotel sector with each having its own changing and vibrant market dynamics.
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Laurence Dragomir

Beulah International's Jiaheng Chan discusses the success of Hallmark Ivanhoe in light of current market conditions

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Urban.com.au was on hand as Beulah International along with its project partners broke ground on their $200 million Paragon residential development. Located at 318 Queen Street, on the site of the Celtic Club, Paragon will comprise 227 apartments across 48 levels and feature Australia's first  indoor urban forest.

Designed by landscaper, Paul Bangay, the forest will encompass three storeys providing a natural respire from city life, with a carefully composed selection of mature trees, leafy canopies, climbing gardens and grassy spaces.

In attendance were representatives from Beulah International, Multiplex Constructions and Fender Katsdalidis, as well as Minister for Industry and Employment, Ben Carroll, amongst others. As the photos indicate, demolition has been underway for sometime with the site now ready to begin ground works.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/paragon_breaks_ground_ld.jpg" rel="gallery-all" title="The project team onsite for the groundbreaking ceremony."><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/paragon_breaks_ground_ld.jpg?itok=T8z7h5O3" title="The project team onsite for the groundbreaking ceremony." width="580"></a>

<figcaption>The project team onsite for the groundbreaking ceremony.</figcaption></figure>Joining a host of other towers designed by Fender Katsalidis including Republic Tower, The Argus Centre and the under construction Queens Place across the road, Paragon will see the retention and restoration of the former Celtic Club facade by Multiplex Constructions. Once complete it will accommodate a contemporary bar, restaurant, lounge and outdoor terraces

Paragon has already been awarded the Best Residential High-Rise Development for Australia at the 2018-19 Asian Pacific Property Awards. It has also achieved almost 90% in sales and is due for completion in 2020.

The commencement of construction at 318 Queen Street caps off a busy few months for Beulah International, which also included the announcement of the <a href="https://www.urban.com.au/news/southbank-by-beulah-the-winning-design-for-australias-tallest-tower-revealed">winning design for the Southbank by Beulah</a> competition at 118 City Road.

Other notable projects for Beulah in the pipeline include Habitus in what will become the Montague precinct of Fishermans Bend, Fawkner House and the Grounds of Kew, where they are once again collaborating with Fender Katsalidis.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/20181001_092910.jpg" rel="gallery-all" title="Behind the historic facade of the Celtic Club. "><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/20181001_092910.jpg?itok=D_EV7HaH" title="Behind the historic facade of the Celtic Club. " width="580"></a>

<figcaption>Behind the historic facade of the Celtic Club.</figcaption></figure><h2>What they say...</h2>

<blockquote>
Today is a day of celebration as we celebrate the commencement of construction of Paragon. For the past 10 years many have tried to acquire and develop this site, but have failed for many various reasons, and we are very proud today and grateful and humbled that the Celtic Club have voted and have chosen us to develop this site, to deliver the vision of the Celtic Club. 

Two years ago when we bought this site it came with a permit for 280 apartments. We've reduced this to 227 apartments. Beulah International's vision is to create spaces that elevate the quality of living of our residents but also to add value to the urban fabric. 

- Jiaheng Chan, Co-Founder and Managing Director, Beulah International
</blockquote>

<blockquote>
We always look to push the boundaries, and working with both Paul Bangay and Fender Katsalidis has allowed us to do this, with both the indoor forest, and limited density per floor giving almost all residents a prized corner vista.

- Adelene Teh, Executive Director, Beulah International 
</blockquote>

<blockquote>
Today's groundbreaking marks the addition of another jewel in the crown of Melbourne, a city that we all love so much and a city that has come so far in terms of bringing residential and people into the city.

I think 150,000 now live in the city and those people are now very sophisticated purchasers, they love living in the city and their expectations are high and there's no doubt this project exceeds all their expectations, it's a fabulous project.

- Karl Fender, Founding Partner and Managing Director, Fender Katsalidis
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Hallmark

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Beulah International's Jiaheng Chan discusses the success of Hallmark Ivanhoe in light of current market conditions

Beulah and Multiplex break ground at Paragon

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