Poly Australia has announced the purchase of a 5,292 square metre development site in the north Sydney suburb of Lindfield for $28 million.
The global developer plans to build a 68- apartment community on the purchased ground that will include three town homes.
The project includes five one-bedroom apartments, 41 two-bedroom apartments, 19 three-bedroom apartments and three town houses.
Poly NSW Director Grant Price said that the acquisition in Lindfield underpins Poly’s strong and continued belief in the Sydney residential apartment market.
“Poly Australia intendeds to continue to purchase strategic development sites in Sydney and beyond should they meet our key development criteria,” Mr Price said.
“Contrary to some market commentary, the apartment market remains strong and will attract continued demand going forward, particularly in areas like Lindfield which enjoys close proximity to good schools, public transport, the CBD and Chatswood.”
Poly Australia confirmed that it has not yet appointed agents to market the new development but intends to do so by the fourth quarter of 2017.
The group launched into residential development in 2015 with a site in Melbourne, followed by the mixed-use 500-unit "Poly Horizon" in the growing suburb of Epping, further north of Lindfield.
Located at 3-5 Milray Street in Lindfield, the strategic acquisition is Poly Australia’s fifth in Sydney since it entered the market in 2015, which include two George Street office buildings in Sydney from Anton Capital for about $160 million, and two sites in Werrington, near Penrith in Sydney's west, for a masterplan community.
According to the Australian Financial Review, Poly Australia also paid $80 million for an amalgamated site in the upcoming St Leonards, also in the north, for a $240 million 320-apartment development.