Hong Kong developer Top Spring is hoping its transformation of a big corner site in Sydney’s Double Bay will set a suburban record for luxury apartments when the $200-million project comes to market this week.

Top Spring Australia managing director Sydney Ma said the five-storey Double Bay project, designed by Luigi Rosselli Architects, would include 15 three and four-bedroom apartments.

The three-bedroom apartments, of which there are eight, will start at $9.695 million. The three penthouses are expected to sell for up to $25 million.

“We're getting a very good level of interest, mainly from local purchasers,” Ma told The Urban Developer. “So I think we're expecting to hit some record prices given the scale, quality, location and outlook of this project.”

Top Spring paid $94 million for the 1334sq m corner site in Cross Street, Double Bay, in September last year. The property—held by long-time owners Stephen and Stella Rose—included a development application, already approved by the Woollahra Municipal Council.

A Section 4.55 modification is before Woollahra council waiting approval.

“That modification is mainly seeking to add private rooftops to each of the penthouses,” Ma said. “We expect approval in a couple of weeks.”

▲ The three-bedroom apartments will start at $9.695 million.

The ground floor will include about 600sq m of retail space, which Ma says will be given over to high-end boutiques, food and beverage outlets.

The site is now occupied by Double Bay Plaza—a set of nine, low-rise shops and three commercial spaces.

Top Spring was founded in Hong Kong in 1993 with a focus on residential and commercial development, asset management, fund management and education. Top Spring Australia is a division of Top Spring International, which listed on the Hong Kong Stock Exchange in March 2011.

A penthouse at 16 William Street, Double Bay, sold for $16 million this year at a record $108,000 a square metre, it was reported. 

In May, Sydney-based property groups Fortis and Assembly Funds Management announced they would partner on a mixed-use development to replace the Cross Street Car Park with a cinema complex featuring 9000sq m of retail, community and office spaces, as well as 18 residential apartments.