Greenland Centre Sydney Penthouse Sells In Excess Of $11m, New Builders "Come Knocking"


Development giant Greenland Australia has exclusively revealed to The Urban Developer that the top residential sale in Sydney's Greenland Tower has surpassed $11 million, with the tower's second crane to be installed on the development's Bathurst Street side this month for further construction.

The news cements the go-ahead for Sydney's tallest tower.

"We're pleased to confirm that each executive penthouse has sold above $10 million, with the highest sale price for a penthouse sitting above the $11 million mark.

"With six of the nine prestige penthouses now sold, we're very pleased with this exceptional result," said a spokesperson from Greenland Australia.

"Each penthouse has a slightly different floor plan and, of course, these purchasers are able to have their dream dwelling tailor-made to their personal tastes.

"These spacious penthouses hold a unique factor in that they are the best quality, in the best location, and the will be the tallest of their kind in Sydney."
The spokesperson said while new builders have "come knocking" since Greenland "mutually" parted ways with Brookfield Multiplex, no new building announcements have been made.

"But, there will be news on this front before too much longer," the spokesperson said.

Greenland said the current partial demolition by contractors Delta Group will continue until early 2017, and when complete, the new tower will begin to rise.

Render of the penthouse living area[/caption]
"The situation remains 'as is' with Delta still on site and the demolition rolling on. Greenland is building above and around the original structure, as we're required to retain the original building structure as much as possible.

"Once the partial demolition is complete, we expect to quickly shift up a gear with the new residential construction to commence early next year," the spokesperson said.

The tower will incorporate the heritage-converted five star boutique hotel Primus Hotel Sydney. To date, 470 apartments have been sold, but the project may not be completed until 2019.

A two-year delay is expected for the structure - a highly anticipated, $700m 235-metre tall apartment building - after Chinese developer giant Greenland insisted it is on track to build the 235m high tower on Bathurst Street in accordance with purchase agreements.

Greenland, China's largest state-backed real estate group, last month issued a statement saying it would no longer use Brookfield Multiplex to build the $700 million tower citing "commercial differences".

Additionally, previous reports indicate that apartments had mistakenly been advertised for sale on levels which don't exist, after 82 floors were advertised even though only 66 have been slated for construction. Greenland opted to remove all floors with the number four - common in Asian and southeast Asian regions - as the word itself has similar look and pronunciation to the word 'death' in Chinese. The firm has reportedly promised the apartments will be ready for owners to occupy by 2019 - two years after first advertised.

The starting price for an apartment in the Greenland Centre is believed to be $528,000, but the average cost is $1.5 million.

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