Malaysian Developer Reveals 40-Storey North Shore Tower

An overseas-based developer is moving ahead with its inaugural Sydney development, a 40-storey tower at St Leonards. Malaysia-headquarted developer and investor SP Setia, which has real estate holdings across Malaysia, Singapore, Vietnam and the UK, acquired the site at 20-22 Atchison Street in North Sydney for $73 million in 2023. The site is in the Crows Nest Transport Oriented Development precinct and zoned for mixed use. The scheme is Setia’s first foray into Sydney and follows a series of residential projects in Melbourne. Those include Parque, Uno and Sapphire by the Gardens—home to the $29-million penthouse apartment into which conspicuous entrepreneur Adrian Portelli craned a $3-million McLaren supercar. The developer has also recently reworked plans for a 72-storey Melbourne CBD tower . Setia launched its first Australian development, Fulton Lane, in 2011. ▲ Early renderings of the 20 Atchison Street proposal were designed by Cox Architecture. Now, it is moving ahead with development for the Sydney project after its state significant development at St Leonards was issued with SEARs (Secretary’s Environmental Assessment Requirements). The scoping letter for the project details a 40-storey mixed-use development of 184 apartments and a four-storey retail and commercial podium. Atop that podium would be 36 levels of market apartments for the site that is close to St Leonards train station and Crows Nest Metro Station, where Third.i has now filed amendments to its approved over-station tower. The 1374.4sq m site 4.5km north of the Sydney CBD has frontages on Mitchell Street and Atchison Lane. ▲ Setia’s luxury apartment Melbourne project, Sapphire by the Gardens. The plans detail a four-storey basement with end of trip facilities and parking. In lieu of affordable housing, it will provide a monetary contribution covering 10 per cent residential floor space. The site is home to a six-storey office block and a vacant three-storey commercial building built in the 1980s. The project has an estimated development cost of $163 million. St Leonards has captured the attention of developers, especially after the Crows Nest TOD designation and height amendments. Developers moving in include Stockland, which secured approval for a 42-storey project last year; JQZ, which is moving ahead with a 314-unit development; and Coronation Property, which has acquired a site off-market for 350 build-to-rent apartments.

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