Chinese property giant Greenland is confident that its 481-apartment Greenland Centre skyscraper in Sydney will be finished by the fourth quarter of 2020.
Billed as Sydney’s tallest residential tower, the 235-metre skyscraper is almost halfway done — with construction on 27 of the tower’s 67-storeys complete.
Greenland admitted that the building presented “many challenges”. Greenland Australia and initial contractor Multiplex fell out over a contractual dispute in 2016.
The developer has sold 475 apartments to date, and has gone back to the drawing board to relaunch the “king” penthouse, confirming that it will hit the block in September.
Greenland declined to comment on the price tag of the penthouse but managing director Sherwood Luo said that he expected “great interest” in the newly-designed layout.
Strengthening sales in Sydney’s prime off-the-plan apartment market may have prompted the redesign, with four recent $40 million-plus penthouse sales at One Barangaroo adding to the reported $100 million price tag for the building’s top penthouse.
Sydney’s high-end market recorded 2.4 per cent price growth over the 12 months to March, according to Knight Frank’s prime market index.
Luo said sales of the apartments have been strong from the beginning.
“All but 10 of stage two’s 120 apartments sold out in one day,” Luo said.
“We will also be launching a newly-designed king penthouse later this year and expect great interest in that.”
The penthouse redesign will not be done by original architects BVN and Woods Bagot, but another designer yet to be named.
Greenland acquired the former Sydney Water Board site in 2013 for $113 million, submitting plans for the ambitious tower and tapping Multiplex to build it.
After Greenland and Multiplex parted ways, contractor Probuild nabbed the new contract, commencing demolition at the site in 2017. The $700 million skyscraper is designed by architecture firms BVN and Woods Bagot.
The tower will match the height of western Europe’s tallest residential tower, the 67-storey Greenland Group’s Spire London project.
The international developer has 23 ultra-high-rise projects and three of the world’s largest skyscrapers — Greenland Centre Xi’an, Wuhan and Chengdu — and manages a portfolio of US$99 billion in assets.
Editor’s note: An earlier version of this article mischaracterised Greenland and real estate agency CBRE as “parting ways” on sales of the Greenland Centre. This sentence has been removed.