What defines luxury? Property developers have their say

The term ‘luxury’ is often overused in real estate, especially when it comes to apartment developments. We’ve seen it describe glamorous city towers as well as secluded coastal oases. This begs the question: Is there a set definition for ‘luxury’? And how do we know if an apartment project is truly luxurious?

A&D spoke with two real-estate developers to define the term. The renowned developers, 5Point Projects and ICD Property, currently have residential projects in development. These projects occupy two different ends of the scale, being located in two different states, being vastly different sizes – one large-scale and the other boutique, and offering two lifestyles – with one smack dab in Melbourne’s city centre and the other beachside on the Gold Coast.

Even though the two developments contrast in almost all aspects, they are both defined as luxurious.

What is luxury?

When asked how a property developer defines luxury, Matt Khoo, Chief Executive Officer of ICD Property, replied, “Luxury for ICD Property means not compromising on space.

“Historically, the idea of CBD living was a result of ‘affordability’ and most individuals were sacrificing space and amenity when living in the CBD.

“The spaces in Aspire have been curated and well thought out.

“Efficiency, quality of detailing, and exceptional finishes have been the driving force behind the creation of the spaces in Aspire.”

ICD Property’s Melbourne residential development, Aspire Melbourne, is deemed one of the last luxury landmark towers in Melbourne’s CBD. The tower’s cutting-edge style houses five-star hotel-style amenities, complete with premium view lines throughout. The landmark tower is expansive, rising 64 levels and comprising 570 properties of one-, two-, and three-bedroom floorplans.

It’s no wonder that Aspire is one of Australia’s fastest-selling projects.

AD asked property expert Damian Dove the same question. The Managing Director at 5Point Projects replied, “5Point Projects define luxury as a state of great comfort or elegance, often involving high-quality materials, superior craftsmanship, and exclusivity.”

This is reflected in the developer’s Broadbeach apartment project, Faro – a testament to luxurious coastal living. Faro’s beachside residences are exclusive, comprising just 11 full-floor residences, three sublime two-level sub-penthouses, and the crowning penthouse – a three-storey masterpiece in the sky.

Plus Architecture is on deck to design the Faro residences, creating “Hyper Lux” homes that transcend the usual high-quality finishes and appliances, offering space and detailed specifications.

“In the case of Faro, it is the sense of calm that elevates each and every residence,” Danny Juric, Director of Plus Architecture, told AD.

“We want the residents to come home and exhale, centre their spirit, and accept the calmness that pervades every part of the design.

“To achieve this, we use architectural techniques of space manipulation.

“At Faro, we capture space in a way that simply feels bigger.

“We remove corners and reduce 90-degree turns in circulation spaces.

“We use light to expand distance and continue surface treatments to infinity.

“This process removes the “edges of space” that define how big a place is.

“This is particularly effective when that view extends from inside your home through to the horizon across the beach and the Pacific Ocean.”

Amenities that set apart

Building on the concept of “space” as luxury, many properties in the luxury market distinguish themselves by offering personalised and exclusive amenities and services. Faro is one of them.

“Faro’s amenities are beautifully tailored to the needs and preferences of its residents,” Damian told AD.

“This is achieved through the on-site wellness facilities, including a magnesium pool, gymnasium, and sauna, as well as exclusive social spaces such as an outdoor BBQ and entertaining area and private lounges.

“By offering these personalised and exclusive amenities and services, Faro can differentiate itself in the luxury market and provide residents with an unparalleled living experience.”

In addition, Faro also offers residents private lounges, cabanas, pet wash, board wash, and lockers.

ICD Property collaborated with architects Elenberg Fraser to curate highly livable spaces throughout the Melbourne landmark tower.

“Living in Aspire means you can live, play, and work in the spaces that were created to be highly usable and desired,” Matt explained to AD.

“We designed and created the amenity not just for the sake of adding amenity, but for their actual uses and from understanding what makes these spaces valuable, convenient, and desirable.

“Ultimately, we wanted to transform apartment living into resort-like living,” he continued.

“Our spaces are designed for the gathering of loved ones.”

Aspire’s collection of resident-only facilities comprises a stunning indoor pool, spas, gymnasium, multiple private dining and lounge areas, a ballroom, library, meeting rooms, and co-working space.

“Additional amenities include a pool room, media room, and steam rooms for the ultimate resort-like relaxation.”

Location, location, location

A well-connected address can make all the difference for a residential development. ICD Property and 5Point Projects recognise this, securing coveted locations for their respective apartment projects.

Speaking on Aspire’s central Melbourne address, Matt said, “We were drawn to the city centre location and its strategic placement near one of Melbourne’s oldest gardens, knowing that the changes in the planning regime meant that Aspire residents could have exceptional views of Flagstaff Gardens for a long time to come.

“Residents have the best access to over 5,000,000 sqm of boutique shopping, exceptional coffee, dining experiences, art and theatre, and more.”

Up the coast, Faro’s beachside location places residents not only close to the beach but amongst a year-round, idyllic coastal weather.

“Residents can take advantage of the beach’s beauty and recreational opportunities in every season, further enhancing the value and appeal of the property,” Damian affirmed.

“Residents of Faro have access to the beach, allowing them to enjoy the sand and surf without the crowds commonly found in public areas.

“This exclusivity adds to the luxury and privacy of the living experience.”

Boutique coastal luxury or city-centre landmark living?

In addition to differing locations, Aspire and Faro contrast in size. Faro is considered boutique, with just 15 residences across 21 floors.

“The intimate scale of a boutique residential development like Faro contributes to the overall luxury experience by offering exclusivity, attention to detail, and a sense of community, all of which are highly valued by discerning buyers seeking a premium living experience,” said Damian.

On the other hand, Aspire is the very definition of a landmark tower, housing 570 residences across 64 storeys.

“We're fortunate to live and be part of a city that is still in its infancy, we’re still young, and we see the impacts of large-scale residential high rises in cities like Shanghai and New York and their impact on the skyline and more importantly, the impact to its occupants,” explained Matt.

“The concept behind Aspire and the sheer scale of the project was understanding that we needed to provide a tower that had a diversity of product to suit the needs of every occupant.”

Whether sitting beachside or amid a bustling metropolis, a luxurious apartment development can mean many things. After speaking to ICD Property and 5Point Projects, we’ve gathered it’s about space, quality, amenity, and a well-placed address. By that definition, Aspire Melbourne and Faro Broadbeach are the epitome of luxury.

Construction is fully complete on Aspire, meaning you can move in immediately. One-, two-, and three-bedroom luxury apartments are still selling, with one-bedders priced from $603,000. For more on Aspire Melbourne, click here.

Only 15 luxurious sky homes are available at Faro, with three-, four-, and five-bedroom beachside homes now selling. Three-bedders start at $3,100,000. Find out more about Faro Broadbeach here.