Greenland Group’s $200 million Lucent North Sydney project, comprising 211 apartments, has achieved more than 50% pre-sales in simultaneous sales in Sydney, Hong Kong and Shanghai.
Located at 225 Pacific Highway, North Sydney, the new 17-level tower offers apartments ranging from $528,000 for studios to $1.75 million for three-bedroom apartments.
Buyers were comprised mostly of local and overseas Asian investors. Fifteen per cent had been approved by the Foreign Investment Review Board for sale to overseas buyers - and all were snapped up.
Half of the two-bedroom apartments in the 17-storey development, which boasts views of the Sydney Harbour, were bought by owner-occupiers.
"The concept for the building is luminosity – which gives it its name Lucent," said Kevin Driver, Associate Director at Turner architecture firm.
"The metallic finishes reflect and refract the light, responding to the changing conditions during the day, while the perforated metal on the façade means that the light from within the building will percolate through, and glow at night. The building will be continually changing with the light,” Mr Driver told Domain.
Mr Driver said he's been able to use good quality materials and first-class finishes throughout the building, both for the facade and for the interiors, as Greenland wanted to produce something that would be a landmark.
The tower will feature a distinctive foyer with folded metal on the ceiling and walls, while the interiors of apartments have been carefully planned to make the most of the natural light and space.
The building will have a mix of one-, two- and three-bedroom apartments – some with studies, and most with parking.
On the roof there will be an infinity-edged lap pool overlooking the harbour, a splash pool, gym and an outdoor entertainment area with BBQ. On level 16, there'll also be a landscaped garden for residents to look out onto.
North Sydney is positioning itself to become one of Sydney's most desirable residential areas, with a complete revamp and upgrade of its public areas.
The residential renaissance of North Sydney - with its schools, cafes, pubs, restaurants and increasingly popular markets - is also likely to continue to drive property price growth. Domain senior economist Dr Andrew Wilson says the suburb already has a current median unit price of $655,000, up 7.4 per cent on last year.
North Sydney Council's General Manager Warwick Winn said plans to showcase the suburb are well in hand.
"We've worked really hard over the last probably 10 years to really develop this idea of making the area truly mixed use," Mr Winn told Domain.
"The council is committed to working to upgrade the whole feel of the public domain, to revitalise the CBD and to encourage development to make it both a place to live and a place to work. It's a really exciting time.”
Greenland Managing Director Sherwood Luo said North Sydney has been a quiet market for a while with not much new apartment supply for local residents, or for those wanting to move there.
"It's a part of Sydney that's so close to everything, and it has the best of everything," he told Domain.
"It offers a great Sydney lifestyle without having to be right in the centre of the city. Lucent overlooks the harbour, and is so convenient for public transport, work, cafes, good schools and restaurants, and is going to be the kind of five-star luxury product that will set a new benchmark for the area."
North Sydney also makes financial sense for buyers wanting an inner city location. Compared with Sydney CBD prices, North Sydney is 20-25 per cent cheaper.
"The changing zoning and new developments taking place are improving an area that's already known for its convenience, great transport, parks and being so close to the city. A lot of people want to live there but up until now, it just hasn't had the supply.
"I think there are good signals there for that market continuing upwards. It's still pretty tight for listings and it has a lot going for it. It's still harbourside, it's close to a lot of people's workplaces, there are good shopping facilities at places like Chatswood and it is going through something of a change. It's a market that's certain to grow."
Greenland Australia turned to North Sydney for their second Australian project following the enormous success of their Greenland Centre in Bathurst Street in the city. In April, Greenland launched the second sales stage of their Greenland Centre development after all 300 apartments offered in the first sales release have been sold.