Under property investor Richard Gu’s direction, the AXF Group has been one of the busiest property investors in Melbourne. With the success of Gu’s projects in Doncaster, he looks forward to shifting his target from owner-occupiers to the premium ones.
As a well-established and high-profile property developer, Gu oozes energy and creativity. The Group emerged in the industry with a medium-density complex located at 18-26 Bell Street, Heidelberg and it was completed during 2010. Since then, Gu and his savvy team aim for something higher: high-quality lifestyle.
Imperial Doncaster, the crown of the Doncaster Hill, sets a new benchmark for Melbourne. Designed by the award-winning Buchan Group, it brings luxury residence to Doncaster. The project was near on two months ahead of schedule.
On the site’s excellent location and abundant apartment formats, some of which are at 200 square meters, Gu explained that a Chinese New Year limited-time offer to waive stamp duty on any purchases within Imperial had helped push sales ahead.
The market positioning, intrinsic quality, and subsequent success of Imperial within a cluttered Doncaster apartment market helped the Group define their development course for the immediate future. 85% of purchasers within Imperial are noted as owner-occupiers with 15% of apartments offered sold for more than $1 million.
With this great success, Gu observes that it is the time to shift the Group’s focus towards the premium owner-occupiers in the forthcoming developments. He believes that the influx of recent apartment projects has led to a glut of investor-grade apartments while the top-end residents have been neglected to a degree.
In 2011, Doncaster saw the Group’s success with the 116-apartment at 8-18 Berkeley Street. In the heart of the redeveloped Doncaster Hill Precinct, the property offers spacious apartments with modern design. It successfully achieved 100% pre-sales
Looking ahead, the Group is spreading into the Sydney market with similar high-end intentions in mind. It intends to emulate the traits of Imperial Doncaster in targeting the premium portion of the market.