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PARRAMATTA PROPERTY IN HOT DEMAND
Release date: 2014.08.08 Publisher: admin Views:
80% apartments sell over the weekend in Promenade
The Parramatta apartment market continues to be in hot demand, judging by weekend demand.
Savills Residential Projects sold over 80 percentage of the 153 apartments in Building Three at Promenade which is being developed by Starryland Australia, the local arm of the giant Chinese property Group, Fuxing Huiyu Real Estate Company Ltd.
Prices ranged from $440,000 for a one-bedroom apartment to $995,000 for a three-bedroom apartment.
Buyers had earlier registered their interest with a $3,000 refundable deposit, and turned up at the Promenade display centre at appointed times from 9am on Saturday.
Irene Lau, a Director at Savills Residential Projects, said more than 70% of purchasers were owner-occupiers.
The strong demand mirrored that for Promenade‘s initial two buildings (124 apartments) which sold out over one weekend in May. Both buildings are now under construction.
“There was considerable pent-up demand from people who had missed out on apartments in the first two buildings,” said Ms Lau. “People appreciate that Promenade is a five-hectare estate that will provide a healthy lifestyle in which to raise their family, especially given its close proximity to quality schools, universities and hospitals.”
Less than 40y apartments remain for sale in Building Three, with Savills Residential Projects saying there is still a good selection available in 1, 2 and 3-bedroom floorplans.
Located in Morton Street just 1.2km east of the city centre, Promenade will have 1.2-hectares of landscaped foreshore open space, a proposed pedestrian bridge across the river and an extensive walking and cycling network.
Eventually Promenade will comprise 774 apartments in 11 towers, ranging from three to 12 storeys.
James Swete, Sales & Marketing Director of Starryland Australia, said Promenade would provide prime resort-style living. “The abundance of green open space in the development and its close proximity to the Parramatta CBD combine to make this a cherished lifestyle opportunity,” Mr Swete said.
Promenade is the first development in Sydney for Starryland Australia.
“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” said Mr Hao Liu, the Director of Starryland Australia. “It has all the facilities of a modern city and is well served by public transport and motorways.
“Promenade is in keeping with the style of residential communities we create in China, and we want it to set a benchmark to establish our credentials in Sydney as a quality developer,” said Mr Liu. “
Parramatta Lord Mayor Cr John Chedid said Promenade was a welcome addition to the city’s expanding skyline. “It will bring more residents into our thriving CBD and further modernise our riverfront,” said Cr Chedid.
“Our CBD is undergoing a development boom, with the CBD set for $8 billion worth of commercial and residential development in coming years.”
Parramatta is Australia’s sixth largest economy, hosting offices from 30 percent of the nation’s top 500 businesses. It has an integrated rail, bus and ferry network providing fast and frequent links to the Sydney CBD, Sydney Airport and many other areas. The Government’s $1.5-Billion Western Sydney Rail Network and $11.5-Billion WestConnex road project will improve connectivity even further.
