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.