Hong Kong-listed developer Coli has launched its first Australian development to market, the $300 million-plus “Neue” in Sydney’s Macquarie Park.
The global developer is a subsidiary of one of the world’s largest construction companies, the $43.2 billion China State Construction Engineering Company. Coli entered the Australian market with the $80 million acquisition of the 5022sq m site at Macquarie Park.
Coli sold $65 million worth of apartments on launch day, with nearly 60 apartments of the 120 first release selling. The development comprises two residential towers
Coli Australia general manager Jason Huang told The Urban Developer that the launch went well, with nearly half of Neue’s first release selling on launch day, adding that the developer is actively seeking new development opportunities in Sydney.
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The Macquarie Park residential project comprises two towers and DA approval for 285 apartments designed by SJB architects.
Huang said that there was a number of first time property buyers and investors interested in the project.
“Macqaurie Park is the subsidiary suburb to Chatswood and St Leonard, the price is a lot more affordable but you can still enjoy the similar level of connectivity to city,” Huang said.
Neue’s major drawcards are its proximity to the university, the Macquarie Centre mall and the Macquarie business park, which is currently undergoing significant urban renewal by Stockland.
An integrated development company with overseas arms, Coli has also helped deliver projects in more than 60 cities including New York and London, with one in 15 Hong Kong residents living in a home built by the developer.
Huang says that the Australian development experience has been positive.
“We have established a strong in house team and collaborated with a number of local top tier consultants to ensure the we deliver the best developments We follow the same principles when we develop projects in the United States and Britain.
“Australia is the third stop of Coli’s globalisation strategy. Australia has a stable economic environment with a healthy property market which attracted our investment.Coli Australia general manager Jason Huang
After $65 million worth of sales over the weekend, Huang expects the demand to continue.
"Macquarie Park is attractive because it has good schools, universities, hospitals, employment, transport and recreation. That coupled with future investment from the NSW Government and Property Developers alike will ensure a bright future for Macquarie Park,” Huang said.
Construction on Neue Macquarie Park is scheduled to begin in mid to late 2018 with proposed completion in early 2021.