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Prime North Shore sites add to group’s expansion plans

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Aoyuan Property Group Australia has added to its burgeoning local property portfolio with the acquisition of two blue-chip Upper North Shore sites for a combined total of more than $55 million.

Aoyuan’s Australian Head of Development Adrian Liaw says both sites sit within key north shore locations, close to schools, busy train stations and popular village environments that are yet to undergo the kind of transformation experienced by the Chatswood market.

“These are critical additions to our stable of projects and give us nicely rounded exposure to areas of Sydney that we see as currently undersupplied with high-end apartment options,” he said.

The high-profile 6063sqm property at 888 Pacific Highway Gordon was purchased for $34m through Guillaume Volz of Colliers International and Bill Geroulis of Shead Property, while the Turramurra project with a collection of 79 apartments was acquired ‘off-market’ for $21.5m.

Listed on the Hong Kong Stock Exchange, Aoyuan Property Group has a proven track record of establishing successful mixed-use developments, and has a current land bank of approximately 14 million square metres across China.

They made their Australian market debut in 2015 with the high-end CBD project One30 Hyde Park, in joint venture with Ecove Property Group. Designed by Bates Smart, the 38-storey building will include 140 apartments, and earlier this year achieved the highest price per square metre for an apartment when the 275sqm penthouse sold for $9.72m.

“The presales rates we have achieved for our One30 Hyde Park and Maison 188 Maroubra projects have been extremely encouraging.   We have been fortunate enough to steer clear of the troubles amid various negative sentiments in the market place.  In fact, this environment has given us an ideal opportunity to bolster up our portfolio which hopefully, will lead us to build a sustainable development business in Australia.”

Mr Liaw says plans for the Gordon site include 144 apartments across six levels, with 730sqm of retail space. Designed by Nettleton Tribe, the DA-approved project is expected to come to the market in early 2017.

The DA-approved Turramurra project at 1 Womerah Street offers a range of floor plans priced from $630,000 to $1.4 million. A builder is soon to be appointed and construction expected to commence early in the year, targeting a late 2018 completion.

The latest site purchases cap off a busy year, with other acquisitions including the 1000sqm, 60-apartment ‘Maison 188 Maroubra’ site at Maroubra – now substantially presold and soon to begin construction, and a 8,000sqm site at Melrose Park.  Aoyuan Property Group is also in exclusive due diligence on two other projects and if acquired, will expand their Sydney residential development pipeline to nearly 1000 apartments.

 

ENDS

 

For more information:

Holly Reynolds, Left Field Public Relations, 0409 462 112, holly@leftfield.com.au

 

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