Sydney developer Level 33 has commenced construction of its $135 million project set to bring 176 apartments to Sydney suburb Wolli Creek, approximately 10-kilometres from the CBD.
Developer Level 33 purchased the 5600sq m site, at 30-32 Guess Avenue, for $29.5 million in September this year with an existing development approval.
The residential development, known as Vicinity Point, takes the developer’s project pipeline to more than $1 billion in the southern Sydney region.
Level 33’s Eddy Haddad said they worked closely with Bayside Council on the development that will span two seven-storey towers.
The project will soon launch to market offering a mix of one, two and three bedroom apartments priced from $480,000 for a studio and range up to $980,000 for a three bedroom apartment.
The launch comes as the latest research on Sydney’s apartment market by JLL says the cycle is set to peak in 2018, with strong completions expected in the third quarter. Median apartment sale prices continued to decline, but median rents remained largely stable for another quarter.
The report revealed Sydney apartment prices are holding better than detached house prices at this point in the cycle, reflecting the difficulty for buyers to secure finance for a detached house at present.
The developer has 20 residential projects under its belt, with nine current developments on the market, including a $75 million project Skye in Wollongong’s CBD.
Completion is slated for early 2020.