Australia’s biggest apartment developer believes investor demand is still extremely strong for apartments in Sydney’s south.
Despite nearby suburbs such as Zetland, Waterloo and Green Square being home to a seemingly never ending supply of new apartment projects in recent years, developer Meriton is speeding up the launch of a major development in Pagewood.
Meriton this week announced that it is bringing forward the sales launch date for Pagewood Green, which at a cost of $3bn and consisting of more than 3,000 apartments to be built over the next 10 years, will be the developers biggest ever project.
The sales date for stage one has been bought forward by several weeks to September, with Meriton founder Harry Triguboff claiming strong investor demand was one of the main reasons behind that decision.
“We’ve almost been caught off guard by the rental demand we’re experiencing for our projects, especially from families, in areas like Mascot, Zetland and Waterloo,” Triguboff said.
“Investors are delighted - rents are up 5%,” he said
“Pagewood will be the same and investors will be chasing the rental returns.”
Stage one of the project will consist of 487 apartments across four towers between 16 and 20 storeys tall and will feature a large number of three-bedroom apartments.
“Bigger apartments are in short supply and, because of this, they are achieving the strongest rental increases,” Triguboff said.
“The formula we’ve been applying elsewhere, in the form of larger apartments, five-star resort-style facilities, child-care centre, and on-site retail precinct and cafes, will help make our Pagewood Green residents one big happy family,” he said.
Meriton bought 10.5ha of the Pagewood Green site for $140m in 2013 and bought a further 6ha for $90m in 2015.
The larger portion has approval for 2223 apartments and up to 5000sqm of retail space.
Meriton is expected to retain some of the Pagewood Green apartments but, with the imminent completion and opening of its serviced apartments in Mascot, the developer is yet to announce if it will offer serviced apartments in the development.
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