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Parramatta Promenade bucks trend with 74% owner occupier interest

Property Observer  | By Jennifer Duke

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.

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