The 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd, has established Starryland Australia, which will pour $550 million into a new apartment development in Parramatta across 11 towers.
The five hectare development, named Promenade, will have 774 apartments in the 11 towers that will be from three to 12 storeys on Parramatta River’s northern banks, as well as 1.2 hectares of open space and a pedestrian bridge across the river.
It is located at 2 Morton Street and was previously owned by Frasers Property who received the green light for the project last year from the NSW Joint Regional Planning Panel.
Frasers confirmed to Property Observer that the site was sold last year, with RP Data records showing that it transacted in September 2013 for $58,000,000. The site had been rezoned in 2011 for residential, mixed-use, public open-space and waterway under the Parramatta Local Environment Plan. They had initially planned for 10 towers from two to 12 storeys.
Prior to Frasers’ ownership, the site was held by The Uniting Church in Australia Property Trust before their June 2006 $21,500,000 sale.
The first stage will be two of the towers, to a total of 277 apartments, with work expected to start in late-June with a construction timeline of two years. Demand will determine the other two release stages.
This first stage includes one-bedroom apartments from 44 to 62 square metres from $399,000, two-bedroom apartments from 62 to 99 square metres from $520,000 and three-bedroom apartments from 99 to 112 square metres from $830,000.
Other than four of the one-bedroom apartments, they all have up to two secure car spaces, as well as 70 shared visitor parking spaces.
Savills has forecast weekly rents at Promenade for $450 to $540 for one-bedroom units, and $550 to $700 for two-bedrooms.
It will be the Chinese company’s first step into Sydney.
Hao Liu, director of Starryland, noted that they chose Parramatta specifically due to its current position as a cosmopolitan centre with potential for improvement.
Liu also noted that it is well serviced by public transport and motorways.
The vision for Parramatta’s northern entrance, where this development will be, is for a partnership with Smart Design Studio, landscape designers Aspect, and Starryland Australia.
“Promenade is in keeping with the style of residential communities we create in China, and we want it to set a benchmark to establish our credentials in Sydney as a quality developer,” said Liu.
“We truly believe Promenade will be the type of place where people will want to buy their first property, raise their children and grow old.”
Architect for the development, William Smart, says that there are two building designs called wharf and courtyard that use natural elements, such as water, to create the resort style.
“The ‘wharf’ buildings have horizontal slab edges in white with a pattern of vertical timber cladding and full height vertical fenestration woven between each floor level whilst ‘courtyard’ buildings appear solid and grounded with panels of dark masonry stepping along the façade,” Smart said.
Meanwhile, project director for Savills Residential Projects, Irene Lau, said that professional singles and couples would be interested due to the transport, dining, shopping and recreational options.
“Apartments in the upper floors will have spectacular multi-directional views,” Lau said.