First published 30 Oct 2026, 9:00am
The penthouse at Society Armadale has just sold for $18.5m.
A Melbourne apartment linked to the city’s wealthy Jreissati family has just sold for $18.5m in what is believed to have been the priciest off-the-plan sale this year.
At the price, the Society Armadale penthouse is one of the most expensive apartment sales so far for 2026, and in even rarer company for purchases for homes that are not yet finished construction.
It’s the second high-end apartment sale connected with the wealthy Jreissati family whose Bensons Property Group is developing the site.
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In July, the family also sold off a concrete shell sub-penthouse in Southbank’s Eureka Tower for $11m, after years of having the property off and on the market.
Another of the Jreissati’s own residences, at level 82 of the Eureka Tower is still for sale with a $21.5m-$23.5m asking price.
The Society Armadale project at 79-83 Wattletree Rd’s penthouse sale was brokered by Marshall White Projects director Leonard Teplin, who said the buyers had been looking for a family home that also offered discretion, security and lifestyle.
Mr Teplin noted that they weren’t alone, with a defined trend of high-end sales for new apartment residences this year as buyers sought safety, security and privacy in apartment complexes.
An expansive kitchen will offer plenty of space for family meals.
The double-storey floorplan provides a whopping 1168sq m of space.
“We are certainly seeing penthouses selling very well,” he said.
“People will pay full freight for the best, but they will not compromise.”
With a number of sales around $10m in recent months, and a suspicion more sales even as high as $20m would emerge for luxury new and off-the-plan apartments before the end of the year, Mr Teplin said he anticipated 2026 would end as a surprisingly strong year for top-end sales in the category.
“For the top 1 per cent, it’s been a really solid year,” he said.
“But in the current climate there is no flexibility. It is either you have got it all, and buyers will pay for it, or there’s no compromise and they won’t pay for it.”
Life Architecture’s David Carabott designed the residence, which spans 1168sq m across two levels.
The bathroom features a freestanding tub, marble surfaces and plenty of natural light from its elevated perch above the treeline.
Secure carparking and a gym add to the home’s appeal.
The building’s design was also shaped by Elias Jreissati who has owned a number of high-end apartments over the past 20 years.
With multiple living zones, a private gym, wine room, office, rooftop swimming pool, landscaped terraces it has large dimensions even for a house — but also piles on expansive views to Port Phillip Bay, the Melbourne CBD and the Dandenong Ranges.
Mr Teplin said such homes were rare at present in Melbourne.
“There are very few newly built penthouses in Melbourne that combine this level of scale, architectural quality, private amenities and an Armadale address,” Mr Teplin said.
The wider complex hosts 20 residences, with a handful still for sale with prices ranging from $7m to $10m.
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