Buyers queued up for hours for the official launch of Starryland's new $314 million Promenade 2 development in Paramatta over the weekend, with more than 100 of the 198 apartments snapped up on the first morning.
Located on the Parramatta riverfront at 2 Morton Street, Promenade has been designed to capture river and city views. Approximately 60 per cent of the buyers were owner occupiers.
Managing Director CBRE David Milton said Starryland's Promenade was "one of the most popular developments in western Sydney."Starryland Australia Sales and Marketing Director James Swete added: "Buyers came from a broad area from Manly to the east and CBD as well as the west. They have been attracted to the tremendous value in Parramatta including good rental returns and high potential for capital growth.”
Promenade No 2, is the first overseas project for Starryland Australia, a local division of the Chinese publicly listed company, Fuxing Huiyu Real Estate Co Ltd based in Wuhan, China.
Luxury one and two bedroom riverside apartments start from $518,000 with the project comprising a private residents’ podium garden and a ground level retail plaza.
Construction on Promenade No.2 will begin in December with completion proposed for early 2018.