Chinese developer Greenland Group will simultaneously launch its A$600 million (S$681 million) Sydney project in various cities including Singapore, Hong Kong and Australia this weekend, said marketing agent CBRE.
Greenland Centre Sydney (pictured), the group’s first landmark development in the city, comprises around 500 one- to three-bedroom apartments and luxury penthouses, as well as a boutique hotel integrated with retail and commercial spaces. Approximately 50 percent of the units will be released in phase one, with prices starting from A$528,000 (S$598,844).
Located at 115 Bathurst Street, the 83-storey property is set to become the tallest apartment in the central business district.
Greenland Group said it decided to venture into Australia due to its strong confidence in Sydney’s residential market.
Darien Bradshaw, Executive Director, International Project Marketing in Asia at CBRE, stated: “Stock on the market in Sydney has reduced from an already low base, by 1.1 percent in the year to June 2013 for apartments. Rental growth has continued to be a primary driver of market demand in Sydney with a combination of strong yields and low interest rates as a persuasive mix for investors in particular.”
“We are excited to have played a part in shaping Sydney’s CBD landscape with this iconic project and are confident that the project will attract a high level of interest,” added Sherwood Luo, Managing Director of Greenland Australia.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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