syd1

One30 Hyde Park Developers To Buy More

Market Insights
7 years ago
2 minutes

The Hong Kong-listed China Aoyuan Property Group Limited -- buoyed by the success of its first development foray in Sydney, One30 Hyde Park -- has announced long term plans to remain in Australia with the acquisition of a prime site in the heart of Maroubra Junction.  It has also entered into a conditional agreement to acquire a strategic site in Melrose Park, in the municipality of Ryde.

Aoyuan's proposed development at 188 Maroubra Rd, Maroubra

Aoyuan paid $18-Million for the Maroubra site, at 188 Maroubra Road, which is close to the Pacific Square Shopping Centre and the University of New South Wales.

Plans to develop 70 apartments on the 1,000sqm site have been submitted to Randwick Council for approval and Aoyuan is hopefully that the project can be marketed for sale by the end of this financial year.  

The Melrose Park project is on a massive 10,000sqm site and is earmarked for the 2018/19 financial year.

In the meantime, Aoyuan will continue its acquisition trail to build its Australian development pipeline.   

Jacky Chan, Aoyuan’s group vice-president and head of the Australian operations said: “Aoyuan’s first overseas project, One30 Hyde Park, has impressed us with its outstanding sales performance, and we are confident that it will achieve a gross sales target of close to $400-Million. We strongly believe the acquisition of the Maroubra and Melrose Park sites will further reinforce the Group’s strategic expansion plans and also build a strong brand awareness for us not only in Australia but in China as well. 

More importantly, we want to establish ourselves as a genuine Australian developer using Australian know-how and expertise. Australia is not a short term proposition for us.

We are committed to Australia. Last year the Australian contracted sales performance contributed to nearly 7% of the Group’s total contracted sales performance.

My personal aspiration for Australian is to build an operation that will withstand the test of time and one that will increase its contribution to the Group’s yearly performance.”

To that end, Aoyuan has been busily assembling an Australian team since setting up office in early 2015. “Our Australian team has been very busy in 2015, and 2016 will be no different,” said Mr Chan.

“While I am aware that the Australian market is going through some rough turbulence I am confident the Australian operation is now well placed to ride through this period after having implemented a range of well-disciplined principles in our land acquisition and development practices.”