A partnership has been formed between Hong Kong-based Aoyuan Property Group and Sydney development company Ecove to build a residential tower in central Sydney, with a reported end value of $400 million.
The prime site, located at 130 Elizabeth Street currently contains an office building, which will be converted into a 38-storey apartment building with 148 apartments and a number of retail shops.
The construction of the Elizabeth Street building should commence shortly, as Stage 1 development approval has been granted to the partners.
Aoyuan and Ecove have announced that the project designers will be Bates Smart, who won the design competition for the building.
The partnership marks Aoyan Property Group’s first development on Australian soil, adding to their 12-million square metres of property in China.
Aoyuan Property Groups Vice President, Jacky Chan says the joint venture is a crucial step to their bridging into the Australian market.
“While we have strong development credentials in China, we recognise the need to partner with a prominent Australian developed in Ecove to bring the vision of this iconic project to life,” Mr Chan said.
The site of the proposed building is a prime developmental location, looking over Hyde Park to the Opera House and Sydney Harbour, then south as far as Sydney airport.
“We believe that together with Ecove we will give Sydney a building of international significance that does justice to its world-class location and maximises the stunning 280-degree views,” Mr Chan said.
Ecove is no stranger to high-profile property transformations, being the company who converted Sydney’s Olympic Park into a residential suburb, a ongoing project.
Ecove is also currently completing construction of four towers along Australia Avenue at Sydney Olympic Park, which will conclude the development of the park into a fully functioning residential suburb.