Hyde Park Slender Tower Shrugs Off Rate Rise Worries

Rising interest rates may be slowing the market as a whole but the appetite for high-end homes in prime locations isn’t being dulled by those worries just yet.

Case in point: buyers are lining up to pay as much as $5 million apiece for apartments in a luxury tower overlooking Sydney’s iconic Hyde Park.

Agents say there have been more 600 registrations from qualified buyers for the 168 two and three-bedroom apartments in the 55-level slender tower with commanding views of Sydney harbour and the city’s favourite park.

However, the $750-million Candalepas and Associates-designed project is still 10 months away from breaking ground.

The Catholic Archdiocese of Sydney sold the development rights to the mixed-use project planned on the site in Sydney’s central business district to private property developer Deicorp about 12 months ago.

CBRE Residential managing director David Milton said the owner-occupiers of the existing building would not vacate until September of next year.

“So, we’ve built a display suite on site, and we are selling out of that,” Milton said.

Milton said the two-bedroom apartments had floor plans of between 90 and 100 sq m and would sell within the high $2-million range. Three-bedroom apartments of between 130 and 165sq m would sell around the high $4-millions.

Known as the Hyde Metropolitan, the tower will sit on the corner of Liverpool and Castlereagh streets in the Hyde Park South precinct.

Between two and four apartments will be on each of the 43 residential floors. Ceiling heights will be up to 2.9 metres.

▲ Selling agents say there has been a lot of interest from buyers already living in existing city buildings, who wanted to upgrade.

The podium level will include a resort-style pool, leisure deck, sauna and gymnasium, as well as concierge services. Upper-level residences will have their own private foyer and lift access. There will be a high-end restaurant and bar on the ground level.

Milton said there had been a lot of interest from buyers already living in existing city buildings who wanted to upgrade.

“There’s also been a bit of interest from overseas buyers,” he said. “We’ve had interest out of Singapore and Indonesia.”

With more than 8000 apartments delivered, Deicorp is now ranked in the top 10 biggest construction companies in Australia.

“We have assembled the best and brightest design and construction team to deliver this truly iconic building,” company founder Fouad Deiri said.

“It will be a new landmark on the Sydney skyline, and we are so excited to be delivering this beautiful new building.”