Construction company Alliance Project Group has been awarded a $100-million contract to deliver seven apartment towers at Castle Hill in Sydney’s north-west.
Castle Island in the Castle Hill Showground precinct is being developed in three stages by KWG Australia at 10 Fishburn Crescent.
It will feature apartments aimed at first home buyers, owner-occupiers and downsizers and will have a gross end value of $300 million.
Construction of the first three buildings and 108 apartments in stage one is due to kick off in the third quarter of this year with completion expected in early 2024.
KWG Australia said it had selected Alliance due to the company’s solid record of delivering several similar large-scale, master-planned developments.
Higher prices, supply shortages and rising borrowing costs have hit the construction industry but Alliance Project Group managing director Rouad Elayoubi said his team were well prepared for the work.
“We have delivered several similarly complex residential projects and have no doubt Castle Island will be crafted to an exceptional standard,” Elayoubi said.
The development has been designed by Sydney architectural firm Giles Tribe and two international architects, Hong Kong’s ARVA Architects and DLN Architects.
Canadian practice Glyph Studio will design the project’s interiors.
It will be delivered over three stages and offer views of the Hills Districts and Blue Mountains, as well as a clubhouse, gym, lobby, library and co-working space.
KWG Australia said it had identified the site in Castle Hill as a key opportunity to provide quality high-end apartments at affordable prices across a site planned to maximise light and space.
Prices within the development—about 200m from the Showground metro train station—start at $613,000 for a one-bedroom apartment. A three-bedroom apartment with an additional multi-purpose room starts from $1.8 million.
The median apartment price in Castle Hill—within the rapidly growing corridor of north-west Sydney—over the past 12 months was $1 million, up 6.4 per cent on the prior 12 months.
The development will be built within the Hills Showground Precinct, which was rezoned in late 2017 and is forecast to deliver about 9000 homes and 2300 jobs over the next 20 years, contributing to Castle Hill as a new strategic centre.
To date 4500 new homes have been approved, including concept plans to construct five residential buildings on almost an entire low-density suburban block.
Development activity has picked up rapidly, including Landcom’s plans for 1620 homes next to the new Hills Showground Station, which was approved in February 2021.
The project, to be developed by Deicorp, has 13 towers up to 21 storeys on Doran Drive.
Other projects in the precinct include Combined Projects' plans for 272 apartments, approved in mid-2020, and a proposal from 112 landholders to build 811 homes across their properties, which is currently under assessment.
Private developer Landmark recently put forward plans for a 100 apartment project, half of which will be marketed as affordable.
