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Sydney developer Top Spring is pulling the trigger on its 1.26ha five-tower masterplanned community at St Leonards on the back of strong appetite for the apartments.
After a launch at the end of 2022 the developer has banked more than $65 million in sales for the placemaking project, The Newlands.
Top Spring development director Jeff Curnow said they had received development application approval in March 2022 for the five superlot site at 21-41 Canberra Avenue and 18-32 Holdsworth Avenue.
“Last year was actually quite slow for sales, but this year we’re turning over pretty frequent sales of four or five a week at the moment,” Curnow said.
“We’ve still got a bit to go, it’s a 330-apartment project and we’ve sold about 20 per cent. But it’s looking good at this stage.”
Curnow said they would be launching the next stage to the market in early April.
“Our focus at the moment is getting that high-end brand recognition with our smaller boutique projects at Elizabeth Bay and Double Bay,” Curnow said.
“The big projects [such as The Newlands] have got a long gestation period, it’s a lot of work and there’s a lot of risk sitting in there.”
Curnow said the St Leonards and Crows Nest area would attract “strong demand as it evolved around a green spine and public transport infrastructure”.
“It makes sense with the Metro there, it’s where the density should be going. It’s going to be completely unrecognisable in five to 10 years,” he said.
The Newlands is due for completion in late 2026. Early works and demolition have started on the site and construction is due to commence later this year following the appointment of DASCO as the construction partner.
“Like all Top Spring Australia projects, it was important to partner with a like-minded contractor that aligns with our standards and vision for this iconic site,” Curnow said.
“DASCO is one of few builders in the state to achieve a coveted 4.5-star iCIRT rating, recognising their success in innovation, reliability, and construction excellence.”
DASCO co-owner Daniel Nicolas said it was an exciting opportunity to help deliver the masterplanned community.
