Private developers Deicorp and Fortis have been given the green light for two separate projects worth a combined $784 million, shrugging off concerns about demand in the luxury apartment market. At Barangaroo, Lendlease has topped out its high-end One Sydney Harbour residential development.
At its 55-level Hyde Metropolitan project overlooking Hyde Park, Deicorp was given final planning approval for the estimated $700 million tower, which was designed by the Sydney architectural firm Candalepas Associates.
It will include 168 luxury apartments and a six-level podium comprising retail, commercial and residential communal areas.
“Deicorp is delighted to have been given the final go-ahead from the City of Sydney’s Central Sydney Planning Committee to deliver this truly spectacular apartment building,” Deicorp’s founder Fouad Deiri, said of the tower on the corner of Liverpool and Castlereagh streets.
The upper-level residences will have their own private foyer and lift access, and the ground level will be home to a high-end restaurant and bar. Deicorp is a specialist Sydney construction and development company that has been operating for more than two decades.
At Barangaroo, Lendlease’s landmark One Sydney Harbour luxury residential development celebrated the milestone of “topping out” of both Residences Two and Watermans Residences. The topping out marks the official completion of the highest points of the 68 and 30 storey towers.
One Sydney Harbour has maintained strong interest, with over 87 per cent of apartments sold across all three towers, over 90 per cent of which were purchased by local Sydney buyers.
Daniel Dugina, head of apartments, Lendlease, said One Sydney Harbour is delivering a new benchmark in luxury living on Sydney’s harbour which continues to be met with strong demand from local buyers, and “we’ve seen that interest carry over to our nearby One Circular Quay development too”.
In the complex, Residences One is approaching completion, with residents expected to move in from early next year. Residences Two and Watermans Residences will see residents move in from mid and late-2024 respectively, ahead of the official completion of the One Sydney Harbour precinct in 2025.
In the east at Bronte, Fortis recently secured development approval for its project at 122-128 Hewlett Street in Bronte from Waverley Council.
Construction on the project, which has an estimate end value of $134 million, will start in early 2024, offering a collection of nine four-bedroom freestanding homes over a communal basement. Titled “Bronte Collection”, each home will have views over Bronte Beach.
Patrick Baldock, associate director, Fortis, said Alexander &CO., and Lawless & Meyerson have been appointed as the interior architects on the project, with landscaping by local integrated landscape design practice Wyer & Co.
Pallas Group is the parent company of real estate financier and investment manager, Pallas Capital, and property development manager, Fortis.
“This site marks the beginning of a fresh chapter for Fortis, as we embark on a new sector of housing, designing standalone homes that strike a balance between contemporary and classical interiors,” Baldock said.
“Following our approval to develop and highly successful launch of Woollahra Collection, where over $100 million worth of apartments were exchanged in the weeks after the opening weekend in May, we are looking forward to bringing these premium residences to market.”
“There hasn’t been a new development of this calibre approved in Bronte in over five years. We anticipate strong demand for this high-quality product as the downsizer market continues to strengthen, principally in tightly held Eastern Suburbs coastal locations,” Alexander Phillips, principal, PPD Real Estate, said.
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Source: Thanks smh.com