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Australia’s fourth largest CBD will soon be Parramatta, in Sydney’s west, thanks to Chinese property developers.

Parramatta is seeing a surge of investment interest with billions of dollars’ worth of new office towers and residential complexes drawing investors in to the area.

It is soon to be the home of a major Chinese property development company and hundreds of new unit blocks.

The development, called the Promenade is by Starryland Australia, a local division of Fuxing Huiyu.

They’re known for building mega communities in the Chinese city of Wuhan, where thousands of residents live in 50 storey towers.

The Promenade is one of Parramatta’s biggest residential developments yet.

It will span five hectres, have 774 high end apartments in 11 towers up to 12 stories high.

Hao Liu, the director of Starryland Australia, says that’s a normal size for apartment blocks in China.

“Lots of large developments like The Promenade we did in Parramatta, minimum say 500 apartments up to 2000 apartments,” he told SBS. “In China because of the large population we normally develop a large community – a similar project to like what we did in Parramatta.”

Building on China’s mega communities

It’s the first Sydney project for the company – one of the largest property developers in China and known for building mega communitiies in Wuhan.

A further 33 major projects are planned for Parramatta, worth about 8 billion dollars.

It could see Parramatta over take Adelaide and Perth as Australia’s fourth largest CBD.

“Looking forward to the next 10, 20 years, we know this city’s going to be a next chapter for greater Sydney,” Lui told SBS. “From our experience we know it will be a better and a bigger in the future.”

The firm has also spent $18 million securing a prime development site in Melbourne’s Southbank.

Pricing out first home buyers?

There has been some concern Chinese investors are pricing first home buyers out of the market.

Commerical property agent, Andrew Antonas says there’s speculation Asian developers are driving up prices, but argues most developers are playing fair.

“80 per cent of the Chinese developers that are here and developing are professionals and they’re very good at what they do and they’re bringing a lot of smarts to the industry,” he said.

“We’re seeing 20 per cent I’d say of those Chinese developers that are speculators. They’re the ones that I think are distorting the market somewhat.”

$550m Promenade proves a star attraction for Chinese buyers

The first stage of Chinese property developer Fuxing Huiyu’s $550 million Promenade project in Parramatta has sold out after unexpectedly strong demand over the weekend.

Hao Liu, director of Starryland, the subsidiary of Fuxing Huiyu tasked with the development in Sydney’s west, said the 124 apartments available to buyers sold out after just two days, and a further 153 apartments were to be reserved until displays were finalised in June or July. Savills is handling pre-sales.

 

Starryland sells another 124 apartments off the plan in $550m Promenade towers

With stars in his eyes, Starryland Australia director Hao Liu is confident his newly launched $550 million residential development Promenade will put Parramatta on the map.

And his confidence isn’t misplaced — the first stage of Promenade has sold out with another 124 apartments sold off the plan on the weekend. A further 153 go on sale in June.

When he’s finished, Mr Liu’s vision is to have 774 high-end apartments 1.2km east of the city centre in Morton St.

The 5ha estate on the northern bank of the Parramatta River is set to comprise 11 towers, ranging from two to 12 storeys.

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” Mr Liu said.

“It has all the facilities of a modern city and is well served by public transport and motorways.”

An artist’s impression of the Promenade development. Source: Supplied

Mr Liu said the new development was designed more than just a place to live, but as a lifestyle.

Related: $8billion boom as Paramatta reaches for the sky

Starryland’s plans include a 1.2ha area of landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

“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,” Mr Liu said.

The apartments feature modern designer kitchens. Source: Supplied

A spacious bathroom with clean lines and modern fittings. Source: Supplied

Selling agents, Savills Residential Projects, said prices ranged from $399,000 for a one-bedroom unit to more than $900,000 for a three-bedroom apartment.

Savills Residential Projects project director Irene Lau said buyers were split 50-50 between investors and owner-occupiers.

“There were a lot of young couples making their first property purchase, knowing that this development will provide a healthy lifestyle to raise their family,” she said.

“For business people the handy transport, dining, shopping and recreational facilities were influencing factors.”

Parramatta is on the move, with new development changing the face of the city. Source: Supplied

Open space and the Parramatta River appeal to families looking for quality of life. Source: Supplied

Mr Liu said the Promenade would offer a lifestyle that appealed to all buyers.

“The abundance of green open space will create a calming ambience and encourage residents to get out and walk, meet their neighbours, participate in community life and take joy in their surroundings,” he said.

“It’s essentially a healthy, active outdoor lifestyle coupled with affordability in a quiet, beautiful location that is still connected to the Parramatta CBD.”

Parramatta’s parks help facilitate an active outdoor lifestyle for its residents. Source: Supplied

The first two buildings entirely sold out at Promenade to buyers who had registered their interest with a $3000 refundable deposit.

The next release of apartment sales is scheduled for June, when a further 153 apartments go on on the market in the planned tower three.

Work on the first stage is scheduled to start by late June and be completed within two years.

DETAILS: promenadeliving.com.au

Chinese developer to transform Parramatta

It’s known for building mega communities in the Chinese city of Wuhan where thousands of residents live in 50-storey towers.

It’s a real estate giant that develops more than 1 million square metres of property a year and is part of a conglomerate that annually turns over more than $8 billion.

And it has arrived in Sydney with plans to dramatically develop the banks of the Parramatta River with a $550 million project comprising 774 apartments starting next month.

Starryland Australia, an offshoot of China’s Fuxing Huiyu Real Estate Company, is building Promenade – an 11-tower, 12-storey development that will create a new “gateway” to Sydney’s second city.

“Promenade is in keeping with the style of residential communities we create in China,” Starryland Australia director Hao Liu said. “We want it to set a benchmark to establish our credentials in Sydney as a quality developer.”

The agent entrusted with selling the project, Irene Lau of Savills, said buyer interest had been strong.

“A lot of parents have their kids coming into Australia to study . . . so the parents say: ‘OK, we can put them there’.”

Local couples and retirees had also shown interest, Ms Lau said.

On Saturday the first two buildings comprising 124 apartments were offered to registered parties at the Park Royal in Parramatta.

All sold at the weekend with prices ranging from $399,000 for an “open plan” one-bedroom apartment to $900,000 for a three-bedroom unit.

A further 153 apartments will be offered at the official launch in late June when the display apartment has been built.

Compared with developments in China, Ms Lau said Promenade was small-time.

“In Wuhan they sell like 1000 units a day,” she said.

Starryland Australia has no plans to stop at Parramatta. On top of its $58 million land acquisition in Sydney’s west the firm has spent $18 million securing a prime development site in Melbourne’s Southbank.

“They’ve come here and they want to be a long-term player in the market,” Ms Lau said.

“They want to do big developments. They have many plans . . . and they have the money.

“Basically in China they are one of the big boys.”

Mr Liu confirmed that the company was on the hunt for more prime development sites but said competition from other Chinese developers was fierce.

He said Fuxing Huiyu had picked Australia because of its stable market and immigration flows.

“It is a lot easier to emigrate to Australia than America or Europe,” he said.

“We know that in Australia there is a big potential market as more and more Chinese emigrate.”

Brian Caba, of Ray White Castle Hill, recently sold two townhouses next to the development and said the local response to the project had been positive.

“There is a large Asian community in Parramatta,” he said.

“The restaurants and shops that will come with the development will likely boost prices in the area.”

The development will sit next to the 2.3 hectare Baludarri Wetland, home to more than 60 bird species as well as 50 native plant varieties.

The west side of the project will look over Rangihou Reserve, which made local headlines last year when a sacred Maori burial ground was supposedly discovered.

It’s a collaboration between Smart Design Studio, landscape architect Aspect and Starryland Australia.

Chinese-backed companies have been a large part of the apartment building boom that has gripped Sydney.

China’s state-owned Greenland Group is now spending $600 million building Sydney’s tallest residential tower. The Greenland Centre on Bathurst Street in the city will be 235 metres high and comprise 470 apartments when complete in 2017.

Chinese-backed Bridgehill Projects also made waves last year when it reportedly forked out more than $90 million for a 1.8 hectare plot in Zetland. The group has plans to build more than 400 apartments on the site, which will soon become the Green Square Town Centre. Bridgehill also has development sites in Mascot and Milsons Point.

Latest development allows Parramatta to push ahead of Adelaide as Australia’s fifth largest city

A $550 million development on the northern bank of the Parramatta River is set to take the city a step closer to over taking Adelaide as Australia’s fifth largest CBD.

Designed by architect William Smart and to be developed by Starryland Australia, the five-hectare estate, called Promenade, will comprise 774 high-end apartments in 11 towers, ranging from two to 12 storeys.

Promenade will also allocate 1.2-hectares to landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

Promenade is the latest in a series of developments and masterplans that endeavour to transform Parramatta into an attractive riverside city for investors and residents. Already approved are a new civic centre called Parramatta Square and two redevelopments of car park sites into major residential and commercial towers.

Proposed development site. Artist image: Starryland Australia

A further 33 projects worth a projected $8-Billion are also in the planning stages, and if developed, could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.

Smart says there are two types of building designs at Promenade – wharf and courtyard – united by water-filled landscapes and tree-lined streets to create “resort-style living”.

“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 says.

“At the heart of the estate will be a new square, connecting a bridge which soars over the floodplain and river to link Promenade with Parramatta’s town centre.

“A new cycle path will run along the river and provide access to a platform over the water, adjacent to the arching mangroves and potentially serving as a future stop for the Rivercat.”

Smartalso describes the apartments as ‘fresh’ and ‘urban contemporary’, with finishing materials such as porcelain tiles, timber joinery, reconstituted stone bench-tops and crisp metal trims.

The development signifies a move by Fuxing Huiyu Real Estate Company Ltd, the 23rd largest of its kind in China, into the Australian property market.

Starryland Australia, who will be developing the site, is a local division of Fuxing Huiyu, who develops more than one million square metres of property per year.

The Promenade has close proximity to Parramatta’s transport hub. Image: Starryland Australia

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better. It has all the facilities of a modern city and is well served by public transport and motorways,”” said Mr Hao Liu, the Director of 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.

Promenade will be developed in three stages, the first of which will embrace two towers comprising 277 apartments and is scheduled to commence in June. A further two stages will be released as demand determines.

All apartments, except four one-bedroom units, have one or two security car spaces, while there also are 70 visitor parking spaces allocated for the development.

Fuxing Huiyu hope to bring its development ethos, that they suggest has “redefined harmonious living in China,” to their Parramatta development.

“In big cities people have become disconnected, so it’s important to create an environment where individuals can connect; this means giving residents access to excellent communal amenities and activities which is what we are doing at Promenade,” Liu said. “We have worked closely with the local Council to ensure the estate provides a prime living environment for the region.”

$550 million riverside Promenade development

The transformation of Parramatta is a step closer with the pending launch of a $550 million development on the northern bank of the Parramatta River.

The five-hectare estate, called Promenade, will comprise 774 apartments in 11 towers, ranging from two to 12 storeys, with 1.2-hectares of foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

Promenade is being developed by Starryland Australia, a local division of the publicly-listed Fuxing Huiyu Real Estate Company Ltd, the 23rd largest in China. This is Fuxing Huiyu’s first foray into Sydney.

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” said director Mr Hao Liu.

“It has all the facilities of a modern city and is well served by public transport and motorways.”

Promenade is the latest in a series of massive developments Parramatta council believes will transform Parramatta into a beautiful riverside city.

Already approved is a new civic centre called Parramatta Square and the redevelopment of two car park sites into major residential and commercial towers.

A further 33 major projects worth some $8 billion are in the planning stages, which could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.

Promenade will dramatically signal the northern entry into Parramatta. The grand vision is a collaboration between Smart Design Studio, landscape architect, 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 Mr Liu.

“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,” Mr Smart said.

“At the heart of the estate will be a new square, connecting a bridge which soars over the floodplain and river to link Promenade with Parramatta’s town centre.

“A new cycle path will run along the river and provide access to a platform over the water, adjacent to the arching mangroves and potentially serving as a future stop for the Rivercat.”

Work is scheduled to start by late June and be completed within two years.

New $550-million gateway for Parramatta

The transformation of Parramatta into a city larger than Adelaide is one step closer to reality with the pending launch of a $550-Million residential development on the northern bank of the Parramatta River.

The five-hectare estate, called Promenade, will comprise 774 high-end apartments in 11 towers, ranging from two to 12 storeys. Just 1.2km east of the city centre, Promenade will have 1.2-hectares of landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

Promenade is being developed by Starryland Australia, a local division of the publicly-listed Fuxing Huiyu Real Estate Company Ltd, which is the 23rd largest in China. Fuxing Huiyu develops more than one million square metres of property per year, and this is its first foray into Sydney.

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” said Mr Hao Liu, the Director of Starryland Australia. “It has all the facilities of a modern city and is well served by public transport and motorways.”

Promenade is the latest in a series of massive developments that the Council believes will transform Parramatta into a beautiful riverside city. Already approved is a new civic centre called Parramatta Square and the redevelopment of two car park sites into major residential and commercial towers.

A further 33 major projects worth some $8-Billion are in the planning stages, which could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.

Promenade will dramatically signal the northern entry into Parramatta. The grand vision is a collaboration between Smart Design Studio, landscape architect, 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 Mr 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.”

Parkland and an outdoors lifestyle is the over-arching concept of Promenade.

“The abundance of green open space will create a calming ambience and encourage residents to get out and walk, meet their neighbours, participate in community life and take joy in their surroundings,” said Mr Liu.

“It’s essentially a healthy, active outdoor lifestyle coupled with affordability in a quiet, beautiful location that is still connected to the Parramatta CBD.”

The architect, William Smart, says there are two types of building designs at Promenade – wharf and courtyard – united by water-filled landscapes and tree-lined streets to create “resort-style living”.

“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,” Mr Smart said.

“At the heart of the estate will be a new square, connecting a bridge which soars over the floodplain and river to link Promenade with Parramatta’s town centre.

“A new cycle path will run along the river and provide access to a platform over the water, adjacent to the arching mangroves and potentially serving as a future stop for the Rivercat.”

The first stage of Promenade will embrace two towers comprising 277 apartments. Work is scheduled to start by late June and be completed within two years. A further two stages will be released as demand determines.

Stage one of Promenade has:
• one-bedroom apartments (44–62 sqm) from $399,000
• two-bedroom apartments (62-99sqm) from $520,000, and
• three-bedroom apartments (99-112sqm) from $830,000

“The apartment interiors are fresh and urban contemporary with a unique twist,” said Mr Smart. “Quality finishes include porcelain tiles for living area floors which extend onto the balconies, complemented by joinery with timber tones, reconstituted stone bench-tops and crisp metal trims.”

Buyers are offered two internal schemes. The ‘fresh’ scheme consists of white terrazzo-look floor tiles and limed timber-look joinery finishes contrasted with bronze mirror cladding and splashbacks. The ‘warm’ scheme offers a sophisticated dark grey tile, dark stained oak look joinery and a warm, peach toned mirror.

All apartments, except four one-bedroom units, have one or two security car spaces, while there also are 70 visitor parking spaces allocated for the development.

“The handy transport, dining, shopping and recreational options will ensure Promenade apartments appeal to professional singles and couples,” said Irene Lau, Project Director for Savills Residential Projects.

“Apartments in the upper floors will have spectacular multi-directional views.”

By paying close attention to what makes residential communities liveable, Fuxing Huiyu had redefined harmonious living in China, and Mr Liu said this experience would be applied to Promenade.

“In big cities people have become disconnected, so it’s important to create an environment where individuals can connect; this means giving residents access to excellent communal amenities and activities which is what we are doing at Promenade,” Mr Liu said. “We have worked closely with the local Council to ensure the estate provides a prime living environment for the region.”

For investors, Parramatta provides a ready-source of tenants, with thousands of people employed in the CBD. The pent-up demand has prompted Savills to forecast weekly rents at Promenade of $450-540 for the one-bedroom units, and $550-700 for the two-bedroom apartments.

Inspections can be arranged by contacting Savills on 1800 788 895 or through: www.promenadeliving.com.au

Parramatta get’s new $550-million gateway

The transformation of Parramatta into a city larger than Adelaide is one step closer to reality with the pending launch of a $550-Million residential development on the northern bank of the Parramatta River.

The five-hectare estate, called Promenade, will comprise 774 high-end apartments in 11 towers, ranging from two to 12 storeys. Just 1.2km east of the city centre, Promenade will have 1.2-hectares of landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

Promenade is being developed by Starryland Australia, a local division of the publicly-listed Fuxing Huiyu Real Estate Company Ltd, which is the 23rd largest in China. Fuxing Huiyu develops more than one million square metres of property per year, and this is its first foray into Sydney.

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” said Mr Hao Liu, the Director of Starryland Australia. “It has all the facilities of a modern city and is well served by public transport and motorways.”

Promenade is the latest in a series of massive developments that the Council believes will transform Parramatta into a beautiful riverside city. Already approved is a new civic centre called Parramatta Square and the redevelopment of two car park sites into major residential and commercial towers.

A further 33 major projects worth some $8-Billion are in the planning stages, which could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.

Promenade will dramatically signal the northern entry into Parramatta. The grand vision is a collaboration between Smart Design Studio, landscape architect, 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 Mr Liu. “We truly believePromenade will be the type of place where people will want to buy their first property, raise their children and grow old.”

Parkland and an outdoors lifestyle is the over-arching concept of Promenade.“The abundance of green open space will create a calming ambience and encourage residents to get out and walk, meet their neighbours, participate in community life and take joy in their surroundings,” said Mr Liu.

“It’s essentially a healthy, active outdoor lifestyle coupled with affordability in a quiet, beautiful location that is still connected to the Parramatta CBD.”

The architect, William Smart, says there are two types of building designs at Promenade – wharf and courtyard – united by water-filled landscapes and tree-lined streets to create “resort-style living”.

“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,” Mr Smart said.

 

“At the heart of the estate will be a new square, connecting a bridge which soars over the floodplain and river to link Promenade with Parramatta’s town centre.

“A new cycle path will run along the river and provide access to a platform over the water, adjacent to the arching mangroves and potentially serving as a future stop for the Rivercat.”

The first stage of Promenade will embrace two towers comprising 277 apartments. Work is scheduled to start by late June and be completed within two years. A further two stages will be released as demand determines.

Stage one of Promenade has:

  • one-bedroom apartments (44–62 sqm) from $399,000
  • two-bedroom apartments (62-99sqm) from $520,000, and
  • three-bedroom apartments (99-112sqm) from $830,000

“The apartment interiors are fresh and urban contemporary with a unique twist,” said Mr Smart. “Quality finishes include porcelain tiles for living area floors which extend onto the balconies, complemented by joinery with timber tones, reconstituted stone bench-tops and crisp metal trims.”

Buyers are offered two internal schemes. The ‘fresh’ scheme consists of white terrazzo-look floor tiles and limed timber-look joinery finishes contrasted with bronze mirror cladding and splashbacks. The ‘warm’ scheme offers a sophisticated dark grey tile, dark stained oak look joinery and a warm, peach toned mirror.

All apartments, except four one-bedroom units, have one or two security car spaces, while there also are 70 visitor parking spaces allocated for the development.

 

“The handy transport, dining, shopping and recreational options will ensure Promenade apartments appeal to professional singles and couples,” said Irene Lau, Project Director for Savills Residential Projects.

“Apartments in the upper floors will have spectacular multi-directional views.”

By paying close attention to what makes residential communities liveable, Fuxing Huiyu had redefined harmonious living in China, and Mr Liu said this experience would be applied to Promenade.

“In big cities people have become disconnected, so it’s important to create an environment where individuals can connect; this means giving residents access to excellent communal amenities and activities which is what we are doing at Promenade,” Mr Liu said. “We have worked closely with the local Council to ensure the estate provides a prime living environment for the region.”

For investors, Parramatta provides a ready-source of tenants, with thousands of people employed in the CBD. The pent-up demand has prompted Savills to forecast weekly rents at Promenade of $450-540 for the one-bedroom units, and $550-700 for the two-bedroom apartments.

Inspections can be arranged by contacting Savills on 1800 788 895 or through:www.promenadeliving.com.au