Chinese-backed developer Poly has secured approval for its first Queensland residential development in the Brisbane suburb of Ascot.
Preliminary Brisbane City Council approval for the 234-dwelling development at 104 Lamington Avenue, Ascot has now taken effect following the completion of the associated appeal periods.
The Aurora Ascot project comprises 209 townhouses, 10 free-standing homes and 15 apartments on a 62,090sq m site, acquired by Poly for $36.5 million in 2019.
The project marks the developer’s first foray into the Queensland market since arriving in Australia in 2014.
Under managing director Arthur Wang, Poly has built up a pipeline of more than $2 billion tin Australia, with key current commercial projects in Sydney and Melbourne.
Poly Australia, the Shanghai-listed subsidiary of Poly Developments and Holdings, recently invited interest for a stake in its $500 million office development at Sydney's Circular Quay.
Poly senior analyst Ashwin Arumugam has previously said the company is looking to expand its Australian footprint.
“We are proactively looking for the next opportunity as part of our accelerated growth plans across Australia.”
The global development giant is in the market for more Queensland projects and is scoping out development opportunities.
Poly Queensland executive director Xiaowei Xue said the Ascot Aurora development reflected the needs of the community.
“[With] a number of public parks, a community garden, an outdoor swimming pool, BBQ, entertainment facilities and mindful pedestrian networks, it provides an open and socially connected environment.”
Construction work on Aurora Ascot is set to commence in mid-2020 with the project slated for a 2022 completion date.
