SP Setia Berhad Group has sold 70 per cent of the first phase of its Australian project after a short three-day preview.

The project called Fulton Lane marks S P Setia's first foray into the Australian market.

It comprises a predominantly residential development in the northern heart of Melbourne's central business district, it said in a statement.

"We look forward to exploring further opportunities to expand our presence in Australia and hope to be able to build strong relations with Australian property purchasers on par with what we have enjoyed over the years with our Malaysian customers," said its president and chief executive officer Tan Sri Liew Kee Sin in the statement.

The Australian project offers 291 apartment units under its first phase, of which, 203 units were sold for AUD$112 million.

Work on the 28-storey first tower block would start soon, he said.

"We'll expedite plans to launch the second tower," he added. - Bernama