Property group Toga has been green-lit for the first stage of its residential development in Penrith CBD in Sydney's west.
The SJB designed "Penway Place" project will kick off the first stage of construction next year with completion expected by mid-2022.
The private developer lodged its application for the $63.5 million project in May last year.
“Penrith presented a unique opportunity for Toga to contribute to one of NSW’s fastest-growing cities,” Toga chief executive Fabrizio Perilli said.
Toga paid around $17 million for the Penrith sites, amalgamating three sites across High Street and Union Road for the development in December 2014.
While the project's first stage, which is part of a larger masterplan, will comprise two residential towers rising 12 and 15 levels, and include retail at the ground level.
The masterplan for Penway Place includes a four-building mixed-use development, with open space by Arcadia Landscape Architecture.
Located 50 kilometres west of Sydney CBD, earlier this year ASX-listed Desane lodged plans for a 273-apartment mixed-use project at 91 Thornton Drive Penrith.
Perilli says the Western Sydney suburb is expected to see more than 60,000 new residents by 2031.
“It’s an affordable area and ideal location, which is experiencing an investment in surrounding infrastructure,” he said.
Including the Penrith project, TOGA currently has four major projects in development.
They include a 23-story residential tower that will deliver 192 apartments known as One Twenty Macquarie, a boutique development of 13 apartments in Double Bay, and the $148.9 million redevelopment of the Surry Hills Shopping Village.
In May the group lodged plans for a $130 million mixed-use development in Marrickville that would range from six-storeys to 14-storeys, and deliver 270 apartments, at 182- 198 Victoria Road and 28-30 Faversham Street.
Toga was founded by Ervin Vidor AM in 1963, the developer and hotelier group has a portfolio across Australia, New Zealand and Europe.