Chiwayland Expands Into Parramatta Market For $27 million

According to The Australian many Asian developers have been searching for prominent development sites for apartment projects in Sydney, Melbourne and Brisbane.

Included in the mix of Asian developers rushing into the Australian apartment market is Chinese developers Country Garden and Greenland Holdings; Hiap Hoe

and Chip Eng Seng from Singapore and Malaysian developers SP Setia and Mammoth, which have purchased sites or embarked on new projects in the past 12 months.

According to The Australian, the 2,878 square metre land purchased by Chiwayland is at 14-20 Parkes Street, Parramatta, in Sydney’s west, and will become home to the company’s first NSW project.

Chiwayland executive chairman and chief executive Qian Jianrong

said the acquisition marked a significant milestone for the company in terms of its expansion into Australia.

“With this piece of land, Chiwayland can potentially develop our first property development project in NSW,” he told The Australian.

Chiwayland also has a 50-50 joint venture with Property Solutions to jointly develop three property projects in Brisbane.

“With a property development project in Sydney, the group is positioned to continue to expand its presence in Australia and ride on the demand for Australian properties, especially from Chinese buyers,” Mr Qian said.