The residential development site, Ascot Park, has sold to three private investors from Hong Kong for $220 million, showing Asian investors continued strong interest in Australian property.
Ascot Park has a Popov Bass-designed approval for 82 residences, including a six-level 29 apartment residential tower and four blocks containing townhouses.
The 1.7 hectare site, which adjoins the Royal Randwick Racecourse, was sold by Anson City Developments 1 Pty Ltd.
A builder has already been appointed and construction work has commenced on site.
Director of Colliers International's Asian Division, Steam Leung said, "this site was extremely attractive to Asian investors due to its great location".
“The DA and settlement that is subject to the vendor completing the project, also meant that there was minimal development risk for these investors, who, despite having property investments in their portfolio in Asia, are first time investors in Australia”, said Mr Leung.
Having received FIRB approval for the purchase, the sale is a strong indication of the high demand for Australian property investments for Asian developers.
“There are a number of significant Asian developers genuinely coming to the Australia market,” said Mr Leung.
“I’ve been approached by many Asian developers with more than $100 million, looking for residential development opportunities in this market. They believe the Australian market is providing them with good value for money.”
According to recent research from Colliers International, Asian developers are being attracted to property markets overseas due to the higher yields, market transparency and the significant real estate investment opportunities.
Ascot Park will be developed prior to settlement.
