Archives

29Feb2016

Promenade at Parramatta pushes on

The Australian  | By Turi Condon

Chinese developer Starryland is pushing ahead with the third stage of its $525 million Promenade apartment project at Parramatta in Sydney’s west with the developer aiming to have a $2 billion workbook in Australia in the next three to five years.

The 773-apartment development on the Parramatta River is the first offshore venture for Starryland, a subsidiary of the listed Fuxing Huiyu Real Estate based in the Chinese city of Wuhan.

Starryland sales and marketing director James Swete, who was at the project on Saturday, said the group had not seen a slowdown in interest in the wake of Labor’s proposed windback to negative gearing tax breaks and the commentary around housing bubbles as the company moved to release its third tower of 298 units next month.

“The second stage was 198 apartments and we sold 100 in four hours when it was released in September (2015) and we have 15 left,” Mr Swete said. “We haven’t seen any change in sentiment.” People had become used to public debate about the direction of Australia’s housing market, he noted.

The group is looking across Sydney at sites for mixed-use residential and commercial projects with Mr Swete saying the market for sites was still competitive although vendors were more realistic as some of the heat comes out of the boom. Starryland had also been speaking to local developers with a view to partnering on projects.

Despite the surge in development in Parramatta, Starryland believes there are still good opportunities there. The group was able to sell units for $10,000 a square metre compared to sales prices of $15,000/sqm in Macquarie Park and $16,000 in St Leonards.

The third-stage units will be priced from $520,000 for a 50-59sq m flat to $920,000 for 96-114sq m, which will have three bedrooms, some with a study. The Moreton Street project, due for completion in mid-2018 and designed by architects Turner Design, will be linked to the CBD by a planned pedestrian bridge over the river, and will sit on 1.2 hectares of gardens and include an artificial beach.

Sunnyland Disclaimer

SUNNYLAND and its related companies and their agents / consultants have endeavored to ensure that at the time of publishing, the content of this website is correct. SUNNYLAND reserves the right to change the contents of the website at any time. Plans, diagrams and artists impressions are conceptual only. SUNNYLAND does not warrant the accuracy of any information or illustrations included in this website. The information, illustrations, documents and plans on this site will not form part of any contract for sale, agreement for lease or lease. Intending purchasers must make, and rely on, their own enquiries and evaluation of the information, forecasts, opinions, statements and other material contained within this website. SUNNYLAND on its own behalf and on behalf of its agents and consultants disclaim any liability or responsibility for any loss, damage or claim whatsoever sustained or incurred by any person, corporation or other legal entity arising out of or in any connection with any alleged reliance on the content of this website.

×