Deague Group has settled 500 apartment sales over just two days for its Box Hill development, The Whitehorse Towers, which is the tallest residential tower outside the Melbourne CBD.
The twin-tower project – one 36 storeys high, the other 24 storeys – had around 25 per cent of buyers from offshore.
Some 70 per cent of buyers were investors.
Around 20 per cent of buyers paid in cash.
It was developed by the Deagues and investment platform Ironfish, which had a minority stake in the project where valuations for the apartments came in around $1000 per square metre above the original price points.
Fairfax Media suggested apartments were pre-sold on an average of around $8600 per sq m.
The project includes a 100-room Art Series hotel, The Chen. The project topped at at 115 metres.
Of the 511 apartments in the project, 400 were settled last Friday at the offices of law firm HWL Ebsworth with a further 100 settled yesterday,
The remaining 11 are due to be finalised with the next few days.
