China’s 23^rd largest publicly-listed company is investing $550 million in Parramatta’s future.

Fuxing Huiyu Real Estate Co Ltd has established a local division, Starryland Australia, to create a resort-style residential estate on the banks of the Parramatta River.

The five-hectare estate, called Promenade, will comprise 774 apartments across 11 towers, ranging from three to 12 storeys.

“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.”

The grand vision is a collaboration between Sydney-based Smart Design Studio and landscape architect Aspect.

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 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.

The first stage of Promenade will embrace two towers comprising 277 apartments.

Stage one of Promenade will feature;

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

Work is scheduled to start by late June and be completed within two years. A further two stages will be released as demand determines.

Fuxing Huiyu develops more than one million square metres of property per year, and this is its first foray into Sydney.