Hong Kong-backed Arden Group, known for its residential developments in Brisbane and Sydney, has submitted a proposal for a 10-storey apartment building in Brisbane's fringe.
The developer is aiming to capitalise on the recovering Brisbane apartment market, opting for high-end product in inner-city locations, according to plans lodged with Brisbane City Council.
The development application is proposed for a 1,000sq m site situated on the corner of Park Avenue and Thorn Street in the inner-city suburb of East Brisbane.
Located opposite the heritage-listed Mowbray Park, the project comprises 26 dwellings and features a 740sq m rooftop terrace with pool, as well as 57 car parking spaces over three levels of basement.
The application follows the developer's recent plans for a 500-apartment project on a vacant site on the corner of Vulture and Main Streets in Woolloongabba, directly opposite the proposed Cross River Rail Station.
Arden were reported to be offering agent incentives of up to 13 per cent for the sale of off-the-plan apartments in its 27-storey Panorama development in Bowen Hills, more than three times the industry average.
The city's apartment market, which led the country in and out of the cycle, is now showing signs of renewed optimism after a prolonged period of limited supply.
Corelogic and Moody’s 2019 third quarter housing forecast report has also predicted an uptick across the east coast capital city residential markets next year, with apartment prices expected to perform better than house prices in Brisbane.
Apartment values across the greater Brisbane area are expected to jump by 5.6 per cent in 2020 with a further 5.8 per cent rise in 2021.