Developer Toga has resubmitted its Penway Place, Penrith application, with plans to commence another two projects despite ongoing Covid-19 uncertainty.
The group said it intends to start construction in Surry Hills Village and Wicks Place in the third quarter of this year.
The new Penrith development application added 169 units to the site in stage one of the four tower Penway Place masterplan.
The $114 million application comprises a five-storey commercial podium with 356 apartments across two 14-storey and 38-storey residential towers.
The decision to create the plans followed a recent amendment to the Penrith Local Environment plan to permit increased building heights and floor space.
This builds from their original proposal which consisted of two 12 and 15-storey towers, which was given the green light in November 2019.
Toga paid around $17 million for the sites Penrith, amalgamating three sites for the development in December 2014.
The proposal replaces a car park and old petrol station located nearby Victoria Park between 634-638 High Street and 87-91 Union Road.
The new design by SJB Architects has a gross floor area 32,314sq m with a rooftop terrace, 1,000sq m public plaza and retail precinct.
Between the buildings on the fifth floor would be an open communal space with a pool, lawn, barbecue and decked area.
The Sydney family-run development company has development, hotel operator and investment arms across Australia, New Zealand and Europe.
Toga chief executive officer Fabrizio Perilli said they were currently adapting to the changing environment through a range of new systems and processes that meet current Covid-19 challenges.
“Despite the global uncertainty in the economy, Sydney’s property market shows signs of stability, bolstered by the Reserve Bank’s decision to reduce interest rates,” Perilli said.
“We are progressing our projects as intended and are on track to commence construction on two of our residential projects, Surry Hills Village and Wicks Place, during the third quarter of this year.
“The availability of housing stock in NSW remains an important strategic focus for all in the industry and Toga’s submission of the DA for Penway Place will support the growing need for homes in Western Sydney.”
Many developers like Toga and real estate agents have had to adapt to restrictions which have banned open-for-inspections and auctions.
Virtual tours and communication through the internet would be common place during social distancing.
Just as the Covid-19 pandemic reached Australian shores Toga submitted an unsolicited proposal known as the Western Gateway Development to redevelop a hotel and shopping centre at the southern end of Sydney CBD.