Singapore-based Frasers Property Group hopes that the inclusion of more, smaller apartments will boost demand for its $2-billion Sydney residential property development, which recently received the official green light.
Stanley Quek, managing director of Frasers Property Australia, said one-third of the units in the project located on the southern outskirts of the CBD would be offered for less than $600,000.
The development features slightly smaller apartments, but with high-quality finishes, with affordability as a main consideration, said Mr. Quek.
The New South Wales government recently announced it would waive stamp duty for off-the-plan purchases of apartments worth up to $600,000.
Dr. Quek expressed confidence on the strength of the residential market in Sydney, particularly now that the state government had begun offering incentives to lift units’ stock.
Apartments priced up to $800,000 to $900,000 saw pent-up demand, but those priced above $1 million were hard to shift, he said.
The Central Park development, which received approval from NSW Planning Minister Tony Kelly, will feature apartment towers with huge hanging mirrors and vertical gardens.
The $650-million One Central Park tower would house the first 600 of the 1800 apartments planned for the former Carlton & United Breweries site located at the southern end of the Sydney CBD.
The design would also offer specialty retailers with 90,000 sq m of retail space, said Dr. Quek. Plans for a 68,000-sq-m commercial campus on Broadway have also been approved.
The apartments target people under 40, thus capturing the demographics in the area – young professionals working in the city, as well as university students, said Dr. Quek.