I can't see how you would average $2m for units in a block on Princes Hwy. The lower level units would go for much less, meaning the higher ones would need to go for say $5m plus, totally unrealistic, even in the current inflated housing market. These are prices for apartments on the waterfront or prestige suburbs, which Carlton/Kogarah certainly ain't.
Also, let's say 4 units to a level, that's 10 levels, and given the new apartment buildings that have sprung up along Princes Hwy none are that high so I would say it would exceed height restrictions. At 2 or 3 units a level that's a 13 to 20 storey building, can't see it being allowed.