Apartment Slump Hits 412 St Kilda Road Deal

The much-hyped Mayfair residential development at 412 St Kilda Road will likely not go ahead, following a decision by Malaysian developer UEM Sunrise to sell the property. Hickory was slated to construct the project, which would have contained 152 apartments.  The building will require refurbishment by the prospective buyer in order to lease its empty office spaces.  The empty 22-level…