A new residential estate in Sydney says strong buyer interest is forcing it to move forward with development well ahead of schedule.
Strong demand and sales in excess of 70 per cent has prompted Fraser Property Group to enter the second stage of development of Park Lane early, according to the group’s general manager Adam Sparkes.
Situated near Sydney’s Hyde Park, Park Lane offers inner city apartment ranging from $505,000 to $710,000.
Mr Sparkes said that while buyer confidence had been flat for some time demand for inner city housing was still strong.
“Genuine park living in the heart of one of the world’s most beautiful cities, minutes from the CBD, doesn't come along every day and market interest is very strong,” Mr Sparkes said.
“With a good selection of apartments at Park Lane priced below $600,000 and therefore with no stamp duty payable, affordability is yet another reason why the precinct will continue to draw interest from buyers.”
Park Lane will house 385 apartments and terraces upon completion.
It is expected to be complete by 2013.