China's Starryland to revitalise Parramatta with $550m Promenade

China’s 23rd largest publicly-listed company is investing $550 million in Parramatta’s future.

Fuxing Huiyu Real Estate Co Ltd has established a local division, Starryland Australia, to create a resort-style residential estate on the banks of the Parramatta River.

The five-hectare estate, called 

Promenade, will comprise 774 apartments across 11 towers, ranging from three to 12 storeys.

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” said Mr Hao Liu, the Director of Starryland Australia.

“It has all the facilities of a modern city and is well served by public transport and motorways.”

The grand vision is a collaboration between Sydney-based Smart Design Studio and landscape architect Aspect.

Parramatta Square and the redevelopment of two car park sites into major residential and commercial towers.

A further 33 major projects worth some $8 billion are in the planning stages, which could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.

The first stage of Promenade will embrace two towers comprising 277 apartments.

Stage one of Promenade will feature;

• one-bedroom apartments (44–62 sqm) from $399,000
• two-bedroom apartments (62-99sqm) from $520,000
• three-bedroom apartments (99-112sqm) from $830,000