The ability, or lack thereof, to make a project stack up has had a big impact on residential development in New South Wales during the past 12 months.
Some predictions have put the average cost of building a home in Sydney at $650,000 with the price only going north from there.
KPMG estimated that there had been a 30 per cent increase in residential construction costs during the pandemic, and that this has not improved in the past 12 months, even if there is some stabilisation on the horizon.
This makes nearly all but the luxury end of the market unfeasible for residential-only developers.
But not for Coronation Property, which is on the ground delivering a pipeline of developments across the Sydney metropolitian area, many featuring a variety of housing options aimed at buyers and renters.
The development group has more than $5 billion in mixed-use projects under way across the city.
Coronation Property owner Joseph Nahas said that this holistic approach was paying dividends.
“By combining elements of residential, retail and commercial in the development of world-class precincts, we can engage with the issue of construction costs and balance the differently performing sectors in our developments,” he said.
Key site acquisition was essential to Coronation’s success, Nahas said.
“We acquire sites where significant commercial and community opportunities have been identified to unlock value for stakeholders and surrounding communities,” Nahas said.
“This means identifying sites that are close to transport, education, employment, and retail hubs. To this, we add quality construction and world-class design.”
He said the added benefit of this placemaking approach was that it creates more localised communities.
Coronation Property Group’s award-winning The Paper Mill Precinct at Liverpool, for example, is a masterplanned urban regeneration project of 882 apartments on the banks of the Georges River.
The biodiversity of the project, combined with its focus on local restaurants with The Paper Mill Food precinct, reflects the values of the community.
“We understand that investing in residential property is a significant milestone for our customers,” Nahas said.
“Projects such as The Paper Mill Precinct [pictured, top] shows the importance of integrated decision-making, combining community needs, public property, and private initiatives, to inspire people to collectively reimagine and reinvent public spaces as the heart of every community.
“We build where we live, so we are personally invested in making places that work and most importantly feel exceptional.”
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