Sydney-based property group, Chiwayland Australia, has acquired another property in Australia, a 2,980 sqm prime corner site located at 771-775 Victoria Road in Ryde in Sydney’s north for $18.6 million.
Chiwayland purchased the site with zoning to develop a mixed use project which has a compliant concept scheme for 90 residential apartments. It formerly operated as a Nissan car dealership.
Positioned on a natural ridgeline of Victoria Road, the development is set to offer spectacular water and Sydney CBD views from the upper levels and is located within 500 metres to Top Ryde Shopping Centre and a short walk to Meadowbank Train State and Ferry Wharf.
Chiwayland International is the property division of conglomerate, Chiway Group and is involved in residential and commercial development throughout China, including affordable housing, office buildings and education. Chiwayland International entered the Australian market in early 2014 and listed on the Singapore Stock Exchange in August 2014.
The acquisition brings the company’s development pipeline to more than $872 million in Australia including joint ventures.
Chiwayland Australia’s Director Brian Chen said this latest acquisition is part of the company’s ambitious growth strategy to acquire prime sites in Sydney’s growth suburbs close to transport links upon which to develop premium, landmark mixed use projects.
“Through the planning process, we are exploring ways to maximise urban outcome and community benefit,” Mr Chen said.
Chiwayland is currently developing a number of residential projects in Sydney and Brisbane. The company has recently launched its new $78.9M million residential development in Epping known as ‘Marine’s Hill’, which comprising 90 apartments and is conveniently located 400m from Epping Train Station.
A joint venture project with Longton Property Group, The Uptown apartments in Sydney’s Roseville is largely sold out with the final release scheduled for 2016. It also has two highly successful joint venture projects with Property Solutions all of which are located in Brisbane.
This latest acquisition follows the company’s purchase in January 2015 of a 2,878sqm site in Parramatta for $27 million.
Mr Chen said the company plans to develop a luxurious residential tower with about 350 apartments offering spectacular views of the Sydney CBD skyline and Blue Mountains to the west. Chiwayland is set to launch it to the market late 2016.