The tallest residence in the Southern Hemisphere, located in the Australia 108 development in Melbourne has sold for $25 million, breaking the record for the most expensive apartment ever sold in Australia. The 750 square metre penthouse, which sits 319 metres above street level, was bought by an undisclosed international businessman based in China.

The sale was negotiated between Andrew Leoncelli at CBRE Residential Projects and Tim Kennan, owner of KM Sales and Marketing. Contracts have been exchanged and a 10 per cent deposit has been paid by the purchaser, who will use the penthouse as his private residence when in Melbourne each year. Leoncelli told The Australian Financial Review that at $33,000 per square metre, the Australia 108 penthouse offers very good value on an international scale and by comparison with Sydney.

When completed in 2019, the building will be the tallest tower in the Southern Hemisphere. So far, more than 90 per cent of Australia 108’s 1105 apartments have been sold.

Australia 108 represents Singapore-based World Class Land’s first entry into the Australian market and will be followed up by a second Melbourne residential tower planned to launch at A’ Beckett Street later this year.