Singapore-listed CWG International has sold a planned 330-apartment project in Parramatta for $40 million, three years after picking up the site for $26 million.
The Peak project, located at 14-20 Parkes Street, Parramatta, was sold to local Sydney developer Aland. The property has been on the market for more than two years.
Aland intends to push ahead with the project, which has already achieved a number of significant planning approvals.
When CWG placed the 14-20 Parkes Street site on the market, CWG director Brian Chen said that it was a "cash out" strategy and would likely create more value for the property group than if they were to develop the site.
[Related reading: Chiwayland Expands Into Parramatta Market for $27m]
The Peak is an 138-metre tall residential development strategically located in the core area of Parramatta CBD. The project is close to significant transportation routes, 200 metres away from the local park, 400 metres from the Parramatta transportation junction, 500 metres from Westfield and Chinatown and 600 metres from the public primary school.
The group sold the project to expand outside of residential development into private schools and universities as well as tourism property development.
"As part of CWG's vision of global diversification, CWG intends to expand its industry leading education business model into Australia, and is actively seeking 'ready to go' opportunities in this sector," a spokeswoman said.
CWG (formerly Chiwayland) already has a number of projects under way in Sydney including a 220-apartment project, The Uptown in Roseville, a 90-apartment project at Epping and the Stellar apartments at 771-775 Victoria Road, Ryde.