A Singaporean property developer has more than doubled the price it will receive from a Sydney development site in less than 12 months.
Stamford Land Corporation purchased the suburban site for $23.7 million and is expected to receive $51 million for its sale.
According to The Australian it is understood that China’s acquisitive
Aqua Land Group has snapped up the Dulwich Hill site in Sydney’s popular inner-west days before Christmas, no doubt enticed by its proximity to the newly-developed Dulwich Hill light rail service running into Darling Harbour and Chinatown.
The 10,132 square metre Dulwich Hill site, fronting 2-24 Grove Street and 60 Constitution Road, has development approval for nearly 250 apartments.
The fast-growing suburb, about 8 kilometres from the Sydney CBD, has several high-rise apartment developments in progress near the light rail.
Stamford’s chief financial officer Chua Siew Hwi told The Australian, “We are very excited with the sale, it represents an immediate crystallisation of returns not dissimilar to development margins without related development risks.”
Stamford executive director Ow Yew Heng said it would continue to evaluate similar opportunities within NSW and other Australian states for expansion of its development footprint.
According to The Australian, the off-the-plan sale to Aqua Land is expected to be completed late next month.
Feature image: Dulwich Hill aerial