CWG Development’s boutique 96-apartment project in Ryde has topped out.
The $80 million project, on the corner of Devlin Street and Victoria Road, is made up of two buildings — five and 8-storeys high.
The milestone represents the fifth project by developer CWG since the company’s establishment in 2014.
“We’ve been committed to developing this site for a number of years, so to reach this stage in the development is very exciting,” CWG chief executive Ying Rao said.
“We’re very positive about the future of Ryde and with the support of our construction partners APG, we’re looking forward to delivering part of that future through Stellar.”
Ryde is a suburb with growing potential. The suburb’s increasing population is estimated to demand an additional 17,000 new dwellings by 2031, according to the City of Ryde Council’s 2028 Community Strategic Plan.
The plan estimates that an average of 110 new dwellings will be required every month for the next 12 years to house the anticipated population increase to 2031.
Stellar’s topping out was celebrated with guests including City of Ryde deputy mayor Simon Zhou, representatives from financiers Westpac, lawyers Colin Biggers & Paisley and sales agents Pugi.
“CWG has established a strong working relationship with major Australian financial institutions to fund the company’s projects since it was established in 2014,” a spokesperson from CWG told The Urban Developer.
Following the successful completion of projects such as Uptown in Roseville, Elan in Epping and Illumina in Toowong, CWG recycled strong cash reserves to fund its pipeline.
“Stellar in Ryde is a classic example of utilising the company’s own cash reserve and bank funding for development.”
CWG noted that it waited to hit 60 per cent of apartment pre-sales before securing finance from Westpac.
APG director Rouad El Ayoubi confirmed the construction program at Stellar was on schedule for completion in the first quarter of 2020.