SGX Mainboard-listed Chiwayland International Limited, together with its subsidiaries announced its acquisition of a 114,270 sqm land parcel in Caddens located in the heart of Penrith in Sydney for AUDS$40 million. The Group intends to develop approximately 400 apartments and 364 townhouses on the newly secured land parcel.
The total investment for this project is approximately AUDS$320 million and the Group expects to launch sales of its townhouse and apartments in the second half of 2017 and 2018, respectively. This is the Group’s seventh property development project since entering the Australia real estate market in 2014.
Penrith, an important focal point for residents between West and East Sydney, is set to benefit from major infrastructure investments such as the establishment of a high-speed rail linking the second Sydney Airport. The site is situated beside the University of Western Sydney, Penrith campus and is only a three-minute drive away from Kingswood Train Station. Future homeowners will also be able to enjoy picturesque views of the park and major amenities which are of close proximity.
The project will be carried out in three phases and is slated for completion by 2020. The first phase involves the development of a row of townhouses with the second and third being the development of the apartments.
Mr. Li Bin, President and Chief Operating Officer of Chiwayland, commented, “The Sydney property market continues to present many attractive opportunities, especially with projects that are geared towards the local market. We expect our project in the Penrith suburb with townhouses to be popular as this is an upcoming area with strong demand from local buyers who appreciate the maturing amenities and convenience of Caddens.”
Mr. Qian Jianrong, Executive Chairman and CEO of Chiwayland, added “This latest project is an important milestone for us in Australia. It marks our arrival as a developer as we tap into the demand of the local market with a large scale townhouse project. As we venture overseas, in each market, we want to meaningfully establish ourselves with scale that will allow us to tap into the local market. That is how we see ourselves as we develop other markets going forward in our internationalisation thrust.”
Established in 2002, Chiwayland International Limited, together with its subsidiaries (“Chiwayland” or the “Group”), an international property developer providing premier living solutions, was listed on the SGX Mainboard in 2014. The Group’s businesses cover real estate investment and development, township planning and project management.
Chiwayland has a stellar track record in developing quality residential and commercial properties in various geographies that straddles China, Australia and the U.S. Its portfolio, mostly in prime locations, also comprises office buildings and education hubs.
In 2014, the Group embarked on its internationalisation strategy and expanded to Australia.
Header image: Chiwayland's Parramatta Acquisition earlier this year.