A Chinese property group has outbid Meriton Apartments to secure a site in Sydney’s west, and is set to develop over $600 million worth of apartments.
The Shanghai-based group, which could not be identified, reportedly acquired the Melrose Park site from Parramatta City Council for more than $120 million, and had already purchased three smaller sites in Australia, as reported by The Australian.
Sources said the buyer has insisted on a short settlement on the site, which is about 17 kilometres from Sydney’s CBD, and as many as 1,000 apartments could be constructed on the block.
The new deal comes as interest in Sydney’s western suburbs continues to grow among Chinese developers, who recognise it as a key growth area.
Country Garden, a property development company based in China’s Guandong province, bought a site in Ryde in the city’s north west for $73 million back in February, and plans to build 800 apartments as part of the $500 million dollar Ryde Gardens project.
Johnson Zhang, Country Garden Australia’s managing director, told The Australian that the group would look to buy more sites in Sydney’s western suburbs.
“It is part of Country Garden’s strategy where we usually do not pick spots too close to the city,” he said.