The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
13
print
Print
OtherAna NarvaezTue 26 Nov 19

Market Rebound Boosts Confidence of Sydney Park Developer

298c7137-4937-4faf-9d35-247ea2a0ab83

Hailiang Property Group is confident it will deliver its $700 million-plus Sydney Park flagship project to market as it works through final approvals for the 390-apartment development with council.

The developer sold 40 of 98 apartments as part of the first stage market launch, setting an Alexandria record with a $3 million off-the-plan sale, then pressing pause to ride out the downturn.

HPG will launch again to market as the correction brings prices back in line with the 2017 peak, with an early to mid-2020 launch date pencilled in.

The developer is backed by Chinese multinational copper mining giant Hailiang Group, which controls five companies listed on the Shanghai, Shenzhen and Hong Kong stock exchanges.

HPG’s deep-pocketed property arm first entered the Australian market in 2014, picking up a 4,000sq m Campsie site near the Canterbury Hospital.

The prized 2.1-hectare former industrial Erskineville site was purchased without debt from the Goodman Group in 2015, winning first stage concept envelope approvals for eight 4 to 6-storey mixed-use buildings in 2017.

Related: House Prices Make Biggest Jump in 4 Years

▲“Council's brief was to hide 400 apartments”. Image: Silvester Fuller, MHNDU, Sue Barnsley design.


Development director Barney Oros said that HPG is committed to delivering the project, despite rumours the developer had been caught up in Beijing’s capital outflow controls and was looking to offload the site.

“Developers are always being approached by others, especially in a downturn and especially when you have such a unique site,” Oros said.

“We are committed to delivering One Sydney Park. [It] has our complete focus.”

The $230 million-odd development cost will also be funded without debt, allowing the developer to hold off on sales as it works through the second stage development application—further complicated by the government’s WestConnex motorway construction, which borders the project site to the east.

“Developers that have little or no bank debt are always better placed than others to hold onto their valuable assets and ride through a trough,” Oros said.

▲The former industrial site is 6km from Sydney's CBD.


Silvester Fuller and MNHDU were selected from council’s competitive design process to spearhead the architectural design of the site, proposing a heavily-landscaped 41,423sq m residential scheme.

“Our brief was to hide 400 apartments,” Silvester Fuller partner Penny Fuller said.

“It is the only development in the park and the council really didn’t want to see any building there at all.”

The mixed-use project sits within the 42-hectare Sydney Park—the largest park owned by the City of Sydney—and is located midway between Sydney’s CBD and its airport.

▲The architects created a sub-ground arrival plane to remove the arrival sequence from the six-lane Euston Road. Image: Silvester Fuller, MHNDU, Sue Barnsley design.


The 390 apartment mix comprises studio and 1-bedroom apartments up to 4-bedroom parkside townhouses with an added 1,648sq m of commercial space and 500sq m of public amenity.

“We have taken council’s feedback seriously, updating our DA to address council’s concerns and to provide an exemplar for development within a park,” Oros said.

Pending development approvals, HPG is eyeing a second half of 2020 construction commencement date.

“We would like to ensure our DA is on track and the rebound is sustainable before any further launches.”

ResidentialAustraliado not useArchitectureMarketingReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
Fraser and Partners founder Callum Fraser
Exclusive

Saving Our CBDs: Architect’s Blueprint Paves Way for Office-to-Resi that Works

Leon Della Bosca
8 Min
Exclusive

Watchdog’s Court Loss Throws Spotlight on Union Balancing Act

Clare Burnett
6 Min
Time and Place's The Queensbridge Building at 90 Queens Bridge Street in Melbourne's Southbank.
Exclusive

Innovation Keeps Time & Place’s Southbank Skyscraper Rising

Marisa Wikramanayake
6 Min
Breathe Architecture founder Jeremy McLeod in front of his Featherweight Home design
Exclusive

Nightingale Founder’s Bid for Affordable Architectural Kit Homes

Leon Della Bosca
7 Min
View All >
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
The 16-storey mixed-use proposal comprises 132 apartments and 602sq m of retail/commercial tenancies...
LATEST
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
2 Min
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
3 Min
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
3 Min
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/market-rebound-boosts-confidence-of-sydney-park-developer-