Canberra landmark goes on sale

Staff Reporter

A landmark Canberra development has gone up for sale, according to property developer Molonglo Group.

The sixteen-storey tower called ‘Nishi’  is in the last stage of its $550 million development and is due to be completed by mid-2011.

So far, buyers have snapped up 110 apartments in the development worth a total of $62 million - 235 apartments were released on offer with prices starting from $333,000 to $990,000.

Apartments in the tower have an 8 star rating according to the Nationwide Home Energy Rating Scheme (NatHERS).

Molonglo Group managing director Nectar Efkarpidis said over 50 buyers have queued up to buy a piece of the landmark.

“They were excited to buy into the multi-award winning NewActon community at a more affordable price point,” Mr Efkarpidis said.

“Many were driven by the idea of being first into the country’s most sustainable large-scale development.”

Mr Efkarpidis said the development overlooking Lake Burley Griffin was inspired by numerous international projects but particularly those he’d visited in Japan.

“Residential apartment buildings have become so sanitized and unfriendly – we needed to design one in such a way as to promote social and community interaction,” he said.

“Nishi (Japanese for West) represents the future of residential development in Australia,” Mr Efkarpidis said.

Staff Reporter

A landmark Canberra development has gone up for sale, according to property developer Molonglo Group.

The sixteen-storey tower called ‘Nishi’  is in the last stage of its $550 million development and is due to be completed by mid-2011.

So far, buyers have snapped up 110 apartments in the development worth a total of $62 million - 235 apartments were released on offer with prices starting from $333,000 to $990,000.

Apartments in the tower have an 8 star rating according to the Nationwide Home Energy Rating Scheme (NatHERS).

Molonglo Group managing director Nectar Efkarpidis said over 50 buyers have queued up to buy a piece of the landmark.

“They were excited to buy into the multi-award winning NewActon community at a more affordable price point,” Mr Efkarpidis said.

“Many were driven by the idea of being first into the country’s most sustainable large-scale development.”

Mr Efkarpidis said the development overlooking Lake Burley Griffin was inspired by numerous international projects but particularly those he’d visited in Japan.

“Residential apartment buildings have become so sanitized and unfriendly – we needed to design one in such a way as to promote social and community interaction,” he said.

“Nishi (Japanese for West) represents the future of residential development in Australia,” Mr Efkarpidis said.

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