Despite off the plan apartments increasingly attracting investor attention, from both Australian and offshore buyers, Parramatta’s Promenade has seen 74% of its current early buyers identify as owner occupiers.

The five-hectare waterfront development is on Parramatta’s northern bank, and of those providing a registration of interest deposit – $3,000 – the majority are looking to live in the Promenade development.

Irene Lau, a director of Savills Residential project marketing, said that it’s due to the focus on lifestyle from Starryland Australia developers.

“People appreciate that Promenade will provide a healthy lifestyle in which to raise their family, especially given its close proximity to quality schools, universities and hospitals,” she said.

“Promenade will also have expansive lush landscaping, tree-lined streets and a central square.”

It will include 1.2 hectares of landscaped foreshore open space.

The 12-storey building three hits the market on 2 August, offering 153 apartments.

Starryland Australia was established by the 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd. Promenade will be across 11 towers and 774 apartments in a $550 million project, and Starryland’s first foray into Australia.

The third building in the Promenade residential development in Parramatta has just been released by Starryland Australia and has an end value of approximately $550 million.

The new 12-storey building will contain 153 apartments on the northern bank of the Parramatta River, just minutes from the Parramatta city centre. Parramatta has now been rated Sydney’s most liveable city by the Urban Development Institute. It is expected to attract the same level of feverish 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.

Building Three is expected to attract a lot of young couples or business professionals making their first property purchase as the area provides a healthy lifestyle in which to raise their family, close to quality schools, transport links, restaurants and cafes, shopping centres, recreational facilities, universities and hospitals. Parramatta is a city of its own.

The apartments will also feature high ceilings and spacious balconies and courtyards with glass balustrades to maximise views of the river and the Parramatta CBD. Kitchens feature stone island benches with high level finishes which include accents of bronze or copper mirrors throughout both the bathrooms and kitchens.

On completion Promenade will have 1.2 hectares of resort-style landscaped foreshore open space, a pedestrian bridge across the river and an extensive walking and cycling network.

Apartments in Building Three comprise of:

• 6 x one-bedrooms (44.2 – 49.4 sqm)
• 17 x one-bedrooms plus study (46.7 – 69.9 sqm)
• 125 x two-bedrooms (63.1 – 98.8 sqm)
• 5 x three-bedrooms (83.8 – 112.4 sqm)

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

Starryland Australia has built a display centre at 1/28 Macquarie Street, Parramatta which features a full kitchen, bathroom and living area to showcase the quality of the interiors designed by architects, Smart Design Studio.

Overall Promenade is an extensive addition to Parramatta’s growing skyline and is a landmark development for Western Sydney.

Starryland Australia has released the third building in its Promenade residential development in Parramatta, rated ‘Sydney’s most liveable city’ by the Urban Development Institute. 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 feverish 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.

In anticipation of similar demand for Building Three, Starryland Australia has built a display centre at 1/28 Macquarie Street, Parramatta which features a full kitchen, bathroom and living area to showcase the quality of the interiors designed by architects, Smart Design Studio. The display is open to the public from 11am to 3pm Wednesday to Sunday.

Savills Residential is expecting great interest from both owner occupiers and investors, replicating sales in the first two buildings. 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 $550 Million.

Apartments in Building Three comprise:
·         (6)  one-bedrooms (44.2 – 49.4 sqm) from $440,000
·         (17) one-bedrooms plus study (46.7 – 69.9 sqm) from $465,000
·         (125) two-bedrooms (63.1 – 98.8 sqm) from $585,000, and
·         (5) three-bedrooms (83.8 – 112.4 sqm) from $850,000

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.

“Promenade is a landmark development for Western Sydney and has established our developer credentials in Australia,” said James Swete, the Sales and Marketing Director for Starryland Australia. “The resort-style living at promenade will offer an active outdoors lifestyle in a beautiful location that is well connected to the Parramatta CBD.”

For further information contact Savills on 1800 788 895 or through: www.promenadeliving.com.au

Starryland Australia has released the third building in its $550 million Promenade residential development located in Parramatta in Sydney’s West.

The new 12-storey building will contain 153 one, two and three bedroom apartments on the northern bank of the Parramatta River, with prices starting from $440,000.

Promenade‘s first two buildings comprising of 124 apartments, 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, replicating sales in the first two buildings.

“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,” said Irene Lau, a Director of Savills Residential Projects.

Apartments in Building Three will feature high ceilings and generous balconies or courtyards with glass balustrades.

Related Article: China’s Starryland To Revitalise Parramatta With $550m Promenade

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.

“Promenade is a landmark development for Western Sydney and has established our developer credentials in Australia,” said James Swete, the Sales and Marketing Director for Starryland Australia.

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.

The third building in Parramatta’s $550 million Promenade development from Starryland Australia has been released, bringing 153 apartments to market.

On the northern bank of the Parramatta River, they follow Promenade’s first two buildings with 124 apartments, that sold out in May 2014 at launch.

The first two towers are currently under construction, expected to complete in late-2016.

It is expected that 11 towers will be built in total by Starryland Australia, which was established by the 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd.

A display centre at 1/28 Macquarie Street has been built for Building Three.

Marketing the project is Savills Residential, who expect interest from investors and owner occupiers.

Director of Savills Residential Projects, Irene Lau, said that there had been many young couples making their first property purchase.

“For business people the close proximity to transport, dining, shopping and recreational facilities were influencing factors,” said Lau.

Each apartment will have a balcony or courtyard, with the entire development to have 1.2 hectares of landscaped open space, a pedestrian bridge over the river and a walking/cycling network.

There will be six one-bedroom apartments, from $440,000 with 44.2 square metres to 49.4 square metres. Those with studies, of which there are another 17, are from $465,000, and span 46.7 square metres to 69.9 square metres.

The majority will be two-bedroom apartments, with 125 up for sale from $585,000. They are sized from 63.1 square metres to 98.8 square metres. Lastly, there will be five three-bedroom apartments from 83.8 square metres to 112.4 square metres, and priced from $850,000.

Each apartment has one or two secure car spaces, with 70 visitor slots allocated.

Parramatta Lord Mayor John Chedid said that it’s an exciting development and called it a “welcome addition to our expanding skyline”.

Chedid previously was on site at nearby V by Crown development, excited for the new developments in Sydney’s “second CBD”.

Starryland Australia has released the third building in its Promenade residential development in Parramatta, rated ‘Sydney’s most liveable city’ by the Urban Development Institute. 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 feverish 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.

In anticipation of similar demand for Building Three, Starryland Australia has built a display centre at 1/28 Macquarie Street, Parramatta which features a full kitchen, bathroom and living area to showcase the quality of the interiors designed by architects, Smart Design Studio. The display is open to the public from 11am to 3pm Wednesday to Sunday.

Savills Residential is expecting great interest from both owner occupiers and investors, replicating sales in the first two buildings. 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 $550 Million.

Apartments in Building Three comprise:

•         (6)  one-bedrooms (44.2 – 49.4 sqm) from $440,000
•         (17) one-bedrooms plus study (46.7 – 69.9 sqm) from $465,000
•         (125) two-bedrooms (63.1 – 98.8 sqm) from $585,000, and
•         (5) three-bedrooms (83.8 – 112.4 sqm) from $850,000

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.

“Promenade is a landmark development for Western Sydney and has established our developer credentials in Australia,” said James Swete, the Sales and Marketing Director for Starryland Australia. “The resort-style living at promenade will offer an active outdoors lifestyle in a beautiful location that is well connected to the Parramatta CBD.”

For further information contact Savills on 1800 788 895 or through: www.promenadeliving.com.au

Here is the first look at the third building released by Chinese property giant Starryland Australia.

Parramatta’s building boom is in full swing with Chinese property giant Fuxing Huiyu Real Estate unveiling the third building in their 774-apartment development.

The company’s Australian offshoot, Starryland Australia, only purchased the five hectare site on the Parramatta River nine months ago and already they’ve started construction of the first two buildings – both of which sold out within hours of the launch in May.

The first two buildings comprising 124 apartments will be complete by late 2016.

Artist’s impression of the penthouse in Building Three.

The firm is known for building mega-communities in China’s second-tier city of Wuhan, selling as many as 1000 apartments a day.

Just east of the Parramatta CBD, Promenade is their first foray into the Australian market but have flagged further expansion plans.

The third building will contain 153 apartments with one-bedroom apartments starting at $440,000, two-bedders from $585,000 and three-bedroom apartments from $850,000.

Building three will comprise one-, two- and three-bedroom apartments ranging from $440,000-$850,000.

Selling agent Irene Lau from Savills Residential Projects said “there were a lot of young couples making their first property purchase”, an increasingly difficult feat in the Sydney property market.

Ms Lau previously noted that there was also considerable interest from the parents of children who were in Australia studying.

When complete the $550 million development will include 1.2 hectares of foreshore parkland and a new pedestrian bridge across the river.

Developers have swoopped on Parramatta with 33 major projects in the pipeline worth an estimated $8 billion. If the current pace continues Parramatta could overtake Adelaide as Australia’s fifth-largest CBD.

Parramatta lord mayor John Chedid described Promenade as “a welcome addition to our expanding skyline”, which would bring more residents into the CBD and modernise the riverfront.

CHINESE developer Starryland is looking for more sites in Aus­tralia, even before it officially launches its $550 million Parramatta Promenade complex, the first ­development it has undertaken in the country.

Shaoqun Tan, chairman of Starry­land’s parent company Fuxing Huiyu Real Estate, yesterday inspected the Morton Street site, with construction expected to commence this month. Mr Tan will also spend time in Melbourne during his visit to Australia, as the company searches for ­future sites.

“That’s why he’s here, we’re looking at the moment in Sydney and Melbourne,” Hao Liu, director of Starryland, said. “We want to be building a couple of things at the same time, and we’re looking for sites with existing DA ­approval.”

When finished, the 5ha Promenade site will have up to 11 towers, ranging from three to 12 storeys, with up to 774 apartments in total. The developer has ­already sold 124 apartments following a two-day presale event in May. Savills is handling sales, with a launch scheduled for August.

Wuhan-based Fuxing Huiyu is one of the biggest apartment ­developers in China, recently ­developing The East Lake City, a 210ha mixed-use project. Mr Liu confirmed Starryland would be looking at larger developments.

“After the experience with (Promenade), we’ll be looking to do something bigger,” he said.

He was not concerned about reports of subdued growth in Melbourne, with economic forecaster BIS Shrapnel warning an oversupply could lead to price falls after adjustment for inflation.

“We know (about those ­reports) and that there is a little bit of an oversupply in the CBD area, but it’s not the whole city,” Mr Liu said. “Population growth is forecast at around 2 per cent so there is still big demand.”

Nor would a potential housing bubble in China affect the company, Mr Liu said. Economists have warned of a bust for some time, The Wall Street Journal reporting many developers offering steep discounts to move stock.

Mr Liu was unmoved. “The news from China, when they talk about those ghost cities, those are … cities with small populations, not the whole country.”

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.”

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.