Malaysia’s OSK Property, in partnership with its construction partner Multiplex, has started construction work on the A$800m ($568m) Aura tower at Melbourne Square in Southbank.
The move launches the third major phase of the A$3.5bn precinct, adding further residential and retail capacity to the already established development.
Once completed, Aura is set to introduce approximately 1,800m² of new retail space, supplementing the precinct’s current selection, which includes a 4,300m² Woolworths, specialty grocers, eateries and a childcare centre.
Aura follows the under-construction BLVD stage, where settlements are anticipated from October 2026 ahead of a projected 2028 completion.
The residential offering at Aura includes studio, one, two and three-bedroom units, along with penthouses and Mira Terraces featuring extended outdoor living spaces, with prices starting at A$565,000.
Over 140 units in the 67-storey tower have already been sold since its market launch in the second quarter of 2026, according to Multiplex.
The tower is positioned to act as a gateway between Melbourne Square and the broader city, offering views across key city landmarks and adjacent parkland.
Aura’s design incorporates Japanese influences, with a focus on wellness-centred amenities and communal spaces.
The level 7 Aura Club and Gardens will feature a 25m indoor pool, gym, spa facilities, sauna, steam rooms and dedicated areas for yoga and pilates, complemented by outdoor dining and landscaped gardens inspired by Japanese teahouses.
Resident amenities also include co-working spaces, a golf simulator and club lounges, while premium apartments provide access to exclusive facilities at the Cumulus Club on the uppermost floors.
The development is financed through a syndicated loan led by Maybank International Labuan Branch as Coordinating Mandated Lead Arranger and Bookrunner, joined by HSBC (Sydney), Bank of China (Malaysia) and Industrial & Commercial Bank of China (Malaysia Labuan).
The project recently secured recognition at the 2026 PropertyGuru Asia Property Awards, winning several categories, including Best Luxury Apartment Development (Victoria) and Best Wellness Residential Development.
OSK Property Australia CEO Chong Boon Woon said: “Aura represents a unique lifestyle experience for residents, which brings together the calm, clarity and simplicity of Japanese design, and its construction start marks a major milestone for the ever-evolving Melbourne Square precinct.
“We’re incredibly proud to be starting works for another exceptional residential tower in Southbank, and we look forward to adding to the urban fabric that makes this part of the city so unique.”
