Modern Construction and Development is moving ahead with the construction of its latest boutique collection of apartments and terraces as Sydney’s luxury market gains traction.
The builder-developer is breaking ground on a 60-unit project at 11-15 Ralph Street, Alexandria, 4km from the CBD.
The five-storey, boutique development called Teneo Alexandria features rooftop gardens, a resident’s co-working office floor, and multiple communal areas spread across three individual structures.
The designs by Sydney-firm Saville Isaacs included upscale one- and two-bedroom apartments as well as 3m-ceiling-high terraces and New York-style loft apartments.
The apartment market across the country has already started to move with commencements jumping 32.3 percent in a month, according to the latest Australian Bureau of Statics data.
The appetite for luxury apartments is again on the rise with unit prices in Sydney up 11.6 per cent in the last year, which will be further propelled by affordability restraints in the heated housing market.
Modern Co head of sales and marketing Richard Tan said that alongside NSW’s Roadmap to Reopen, purchasers have been in a flurry to get back into the market.
“Market outlook has been very positive and we have the right product with Teneo especially with the downsizer market,” Tan said.
“I think it’s due to house prices as well—buyers are keen to get in since the apartment market hasn’t moved as much, but the anticipation is that it will follow a similar route to the housing market.”
Tan said they were excited to start work on Modern Co’s latest development following successful projects in Kogarah, St Leonards and Arncliffe. The show room for Teneo has re-opened for viewings with the project due for completion in early 2023.
“Modern have been around for more than 20 years, staying in Sydney and catering predominantly to a local market,” Tan said.
Involvement throughout design, planning, sourcing sites, working with council and construction ensures the company can maintain the highest standards across our buildings for people who will ultimately live there.
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