Luxury apartments pour into Sydney and Melbourne
Apartment developers are forging ahead with luxury projects in Sydney and Melbourne, with major releases under way as developers bank on an extended selling cycle for their newest projects.
In one of the biggest plays, development giant Lend Lease last week revealed its Renzo Piano-designed One Sydney Harbour apartment precinct at Sydney’s Barangaroo.
The Australian company has proposed 775 apartments across three towers and is targeting buyers for oversized three and four-bedroom homes. Chinese group Macrolink and local player Landream have also teamed up to launch the Opera Residences at Sydney’s Circular Quay.
CBRE residential director Tim Rees says the apartments offer the first chance to buy a freehold apartment off the plan in the area for 25 years — but others including Dalian Wanda, Stamford Land Corporation and AMP Capital have projects in the pipeline.
The Bennelong Point location of the Opera Residences is a key drawcard, as nearby buildings have sales turnover of less than 2% per annum.
Designed by Tzannes Architects with Crone Partners, the 20-storey tower will have 104 apartments with a mix of one, two and three bedrooms as well as penthouses, which could approach $25 million.
In Melbourne, Singaporean developer Figtree Holdings has quietly won approval for an apartment tower on Melbourne’s La Trobe St as new projects are being prepared in the city.
The company will launch a development, called 303 La Trobe, comprising 210 residential units, with a mix of one, two and three-bedroom apartments. The property sits in Melbourne “Capital City Zone 1” and is near Melbourne Central station in the heart of the central business district.
Lend Lease’s One Sydney Harbour residential towers.
The approval for the trimmed-down tower came after Figtree in February attracted the ire of Melbourne’s city planners, which had opposed initial plans for a 66-storey residential project.
Figtree had wanted a 228.5m tower with 353 apartments but this was seen as an overdevelopment of the Duke of Kent site on La Trobe St.
Elsewhere in the city, local developer Aurumstone Group is also preparing the site at 299 King St in the Melbourne CBD that it bought from Lofts Quarries for more than $40 million.
The parcel of land — on the corner of Little Lonsdale St — came with a planning permit for a 66-storey apartment tower granted by the Victorian government last March. If Aurumstone pushes ahead to develop 299 King St, it would become its second site in the CBD, along with the apartment tower at 388 Lonsdale St under construction.
At the city’s Southbank precinct a high-powered syndicate of Asian investors will later this year unveil plans for a premier hotel and apartment development.
The group, operating as PCT Development & Management, bought the site behind James Packer and Schiavello’s proposed 90-level tower earlier this year from Singaporean tycoon Michael Kum.
Backers of the project include NSW-based investor Kevin Lui and Macau-based Eric Chiu, as well as Singapore’s Long Runn Int’l.
Apartment hot spots in Brisbane are also still active. The listed Land & Homes Group said last Friday it had exercised a call option to acquire 100 Barry Parade, Fortitude Valley for $20 million.
The company is proposing a two tower development of around 400-450 apartments.
This article originally appeared on www.theaustralian.com.au/property.
