Aoyuan Property Group Pays $18 Million For Maroubra Site

The Hong Kong-listed China Aoyuan Property Group Limited -- buoyed by the success of its first development foray in Sydney, One30 Hyde Park -- has announced long term plans to remain in Australia with the acquisition of a prime site in the heart of Maroubra Junction. It has also entered into a conditional agreement to acquire a strategic site in Melrose Park, in the municipality of Ryde.

Aoyuan paid $18-Million for the Maroubra site, at 188 Maroubra Road, which is close to the Pacific Square Shopping Centre and the University of New South Wales. Plans to develop 70 apartments on the 1,000sqm site have been submitted to Randwick Council for approval and Aoyuan is hopeful that the project can be marketed for sale by the end of this financial year.

The Melrose Park project is on a massive 10,000sqm site and is earmarked for the 2018/19 financial year. In the meantime, Aoyuan will continue its acquisition trail to build its Australian development pipeline.

Jacky Chan, Aoyuan’s group vice-president and head of the Australian operations said: “Aoyuan’s first overseas project, One30 Hyde Park, has impressed us with its outstanding sales performance, and we are confident that it will achieve a gross sales target of close to $400-Million.