Magna Prima Berhad announced on Bursa Malaysia its maiden overseas venture in Melbourne, Australia.

The AUD210 million Dynasty Living apartment tower is located on A’Beckett Street in the heart of Melbourne’s Central Business District.

Spread over approximately 2,700 sq m of freehold prime land, this 25-storey, single tower residential apartment will feature 320 units ranging from one, two or three bedroom apartments to a 2 storey penthouse.

All units feature either a balcony or an indoor terrace.

Initial pricing tags a 1 bedroom unit at AUD 309,000 onwards.

The development is located within a 5 min walk to Melbourne’s iconic Queen Victoria Market, a 5 – 10 mins walk to the renowned University of Melbourne and RMIT and is within a less than 10 min walk to the Flagstaff train station.

Construction is expected to commence during the 4th quarter of 2011, and is expected to be completed in 2013.

Research recently released by CB Richard Ellis has reinforced what is already evident in the regional property market - tighter government regulations in some Asian countries is clearly contributing to higher demand for apartments in Australia, with targeted prices for assets ranging anywhere between AUD400,000 to AUD1 million.

Properties most is demand are those that are up to a 15km radius of the Central Business District and are serviced by the transport grid and within close proximity of educational facilities, said reports by local Australian developers.

Victoria specifically occupies only 3% of Australia’s total landmass, yet accounts for 25% of the nation’s economy, and Melbourne, its capital city is the most populated area within the state.

Research has described Melbourne as being the fastest growing city in Australia, with a current population in excess of four million, and which is increasing by approximately 90,000 residents per year.

The Australian Bureau of Statistics released predictions stating that by 2056 Melbourne's population could swell to almost 8 million.

Dynasty Living is in line with the company’s plan of putting a strong footing for growth and the maiden project in Australia will be its first step in placing Magna Prima on the global map.