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SG Chinese developer launches maiden Sydney project

Property Here - Friday, December 06, 2013

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Chinese developer Greenland Group will simultaneously launch its A$600 million (S$681 million) Sydney project in different cities including Singapore, Hong Kong and Australia, this weekend (7-8 December) revealed CBRE, the project’s sole marketing agent, .

The group's first landmark project in the city, Greenland Centre Sydney (pictured) comprises around 500 new one- to three-bedroom apartments and luxury penthouses as well as a boutique hotel integrated with retail and commercial spaces. Around 50 percent of the units will be released in the initial phase, with prices from S$528,000 (S$598,844).

Located at 115 Bathurst Street in Sydney, the 83-storey development is poised to become the tallest residential apartment in the heart of Sydney's central business district.

In a statement, Greenland Group said it decided to venture into Australia due to its strong confidence in Sydney's residential market.

“Stock on the market in Sydney has reduced from an already low base, by 1.1 percent in the year to June 2013 for apartments. Rental growth has continued to be a primary driver of market demand in Sydney with a combination of strong yields and low interest rates as a persuasive mix for investors in particular,” noted Darien Bradshaw, Executive Director, International Project Marketing in Asia at CBRE.

Founded in 1992, the Shanghai-based developer is one of China's leading diversified finance and property groups, with their ultra-high rises across the globe now a striking presence in the landscape.

“We are excited to have played a part in shaping Sydney’s CBD landscape with this iconic project and are confident that the project will attract a high level of interest,” said Sherwood Luo, Managing Director of Greenland Australia.