According to The Australian Financial Review today, the tourism boom is leaving its mark on the Melbourne skyline, with more than 1420 serviced apartments or hotel rooms now under construction in the inner city.
Among the bigger projects Hiap Hoe is developing a $500 million apartment and hotel complex at Docklands, where Starwood Hotels and Resorts will operate a Four Points hotel.
At the other end of the city, the QT Melbourne is taking shape on the site of the older Greater Union cinema on Russell Street.
"Demand for more and diverse accommodation options in Melbourne continues to surge, particularly from overseas visitors," said Lord Mayor Robert Doyle.
"The market is responding through the construction of well designed, well built and centrally located hotels and serviced accommodation."
The extent of Melbourne's hotel boom is captured in City Hall's latest report on development activity. It shows that in 2015, 470 student apartments were completed, with more on the way.
Some 3270 commercial dwellings have planning approval in the municipality. As many as 20,000 residential dwellings are under construction. Another 19,000 dwellings are approved and ready to be built, depending on pre-sales.
More than half of those approved or under construction are two-bedroom dwellings while 43 per cent of them are one-bedders.
If you want to read this article in Japanese, please see the following link:
Subscribe to our English Newsletter