Oceania turns quick profit on Croydon development site
Sydney-based developer Oceania Property Group has sold a residential development site in Sydney’s inner west, as developers flip sites in the wake of tougher market conditions.
Oceania has sold the property at 13-17 Grosvenor St in Croydon, with development approval for 89 apartments, for about $24 million to Lotus Group, which operates the upmarket Chinese restaurant chain Lotus in Sydney, according to industry sources.
It is believed Oceania bought the site a year and a half ago for about $20 million. The company was not available for comment.
However, Oceania still lists the Croydon project, known as The Grosvenor, on its website. It is expected that the $70 million project will be completed in 2017.
The company is headed by Julina Lim, who grabbed headlines last year by selling her Point Piper mansion for $28 million to a 28-year-old Asian buyer, Qingling Wang.
The project is still listed as The Grosvenor on Oceania’s website. Picture: Oceania Property Group.
Michael Jiang, a director of Lotus Group, confirmed that the company had bought the site as it moved from hospitality into property development.
“We believe the site is in a good location between Burwood and Ashfield, which both have predominantly an Asian population,” Jiang says.
“It is also close to good schools and the train station. These are good fundamentals for a residential site.”
The transaction is understood to be private, although it was marketed by Savills and CBRE previously.
This article originally appeared on www.theaustralian.com.au/property.
