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Starryland News

Greenland Holding’s Zhang Yuliang and the Chinese property investment push

Shaoqun Tan, the chairman of Fuxing Huiyu Real Estate, says the Chinese government has actively encouraged big real estate companies to expand overseas so that they can keep growing without overheating the local market. Under the banner Starryland, Tan’s group, which is based in the Chinese province of Hubei, west of Shanghai, entered the Sydney market this year and is developing the $550m Promenade Parramatta apartment project. The apartments range from $399,000 to $900,000, with real estate firm Savills handling the sales campaign. Tan says Australia is the first country in which his company has expanded. “We were drawn to (Australia) by its strong residential real estate market, stunning natural environment and good long-term economic growth prospects.”

Fuxing Huiyu was established in 2001 as the property arm of manufacturing company Hubei Fuxing Science and Technology. “I foresaw the strong future of this industry with China experiencing a large demand for urbanisation as millions of citizens were trying to increase their living standards,” says Tan. “It is certainly evident 13 years later that my career strategy was correct and my property predictions were accurate.” He says he is “motivated by constant progress”. “I get the most satisfaction implementing outside-the-box ideas that ultimately end up proving their value. I like to be constantly challenged.”

Rising Stars – Parramatta, Australia – 153 riverside apartments

Starryland Australia has released the third building in its Promenade residential development in Parramatta, rated ‘Sydney’s most liveable city’ by the Urban Development Insti-tute. The new 12-storey building will contain 153 apartments on the northern bank of the Parramatta River, just minutes from the Parramatta city centre.

It is expected to attract the same level of excitement as did Promenade’s first two buildings (124 apartments) which sold out on the launch weekend in May 2014, with the majority of apartments selling in just hours. Both of these buildings are now under construction with completion in late 2016.

Savills Residential is expecting great interest from both owner occupiers and investors, with sales to date evenly split between the two. Irene Lau, a Director of Savills Residential Projects, said “There were a lot of young couples making their first property purchase, knowing that this development will provide a healthy lifestyle in which to raise their family, close to quality schools, universities and hospitals. For business people the close proximity to transport, dining, shopping and recreational facilities were influencing factors”.

Apartments in Building Three will feature high ceilings and generous balconies or courtyards with glass balustrades to maximise views of the river and the Parramatta CBD. Kitchens feature a stone island bench with fully-integrated Bosch gas appliances.

The high level of finishes include accents of bronze or copper mirrors throughout the bathrooms and kitchens and circular mosaic tiles in the bathroom.

On completion, Promenade will have 1.2 hectares of landscaped foreshore open space, a pedestrian bridge across the river, an extensive walking and cycling network, and an end value of approximately AUD $550 Million (USD $509 million).

Apartments in Building Three comprise:

  • (6) one-bedrooms (44.2 – 49.4 sqm) from AUD $440,000 (USD $407,400)
  • (17) one-bedrooms plus study (46.7 – 69.9 sqm) from AUD $465,000 (USD $430,542)
  • (125) two-bedrooms (63.1 – 98.8 sqm) from AUD $585,000, (USD $541,649) and
  • (5) three-bedrooms (83.8 – 112.4 sqm) from AUD $850,000 (USD $786,975)

The apartments have one or two security car spaces, while there are 70 visitor parking spots allocated for the development.

Parramatta Lord Mayor Cr John Chedid said, “Promenade is an exciting development and a welcome addition to our expanding skyline, bringing more residents into our thriving CBD and modernising the riverfront.”

Starryland Australia is a local division of the publicly-listed Fuxing Huiyu Real Estate Company Ltd, which develops more than one million square metres of property per year in China. The Promenade project is its first foray into Sydney.

“The resort-style living at promenade will offer an active outdoors lifestyle in a beautiful location that is well connected to the Parramatta CBD,” said James Swete, the Sales and Marketing Director for Starryland Australia.