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Parramatta’s tower race  | By Toby Johnstone

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.

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