Ann: GRR - Quarterly Report for 3 months ended 31 March 2018, page-17

JGPM, didn't you read my post. The only sales in the area that coincides with the description was the units 1 to 4 at No 2 Lumley Court in Prahran, all settlements were in March 2018, Unit 1 ($770,000) Unit 2 ($860,000) Unit 3 ( $710,000) Unit 4 ($710,000)  Total $3,050,000 + stamp duty etc.
So, Grange paid the lot.
The block of land is 642 sq m and they plan to build 5 units and the estimated cost for the project is $4 million, as per Council Documents.
Therefore already we have costs of $3.2 million +$4 million. = $7.2 million.  The 5 x units have a bare cost of $1.44 million each.
Where is the profit?
Who is going to pay $2 million for a unit when the units opposite are $280,000 and under.
You'd have to be an idiot to pay that much for a unit in this development.
You can buy a luxury unit in the area ie. MARQUE in 202/105 High Street Prahran cost $778,000

For $1.45 million I can buy a luxury unit in Brisbane CBD  above the new Westin Hotel
https://www.marylanebrisbane.com.au/#modal

1. Levels 24-35 Two Bedroom (102-120sqm) – Premium (1 car park) – From $910k
2. Levels 24-35 Three Bedroom (152sqm) – Premium (2 car parks) – From $1.45m - $1.55m