JGPM, didn't you read my post. The only sales in the area that...

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