A China-based developer is selling a Carlingford development site that has DA approval for 118 residential apartments with an expected sale price of $20 million.
In 2014, Yi Fang Group paid $10,340,000 for eight separate properties that contain detached dwellings at 2-16 Young Rd, Carlingford, in Sydney’s north-west.
Each property except number 4, which sold for $1.45 million, sold to Yifang Australia Pty Ltd for $1.27 million, according to CoreLogic RP Data.
The lots at 2,4,6,8,10,12, 14 and 16 are being sold in one line.
The 5816sqm site has DA approval for a 118-apartment complex across three seven-storey buildings and has 153 basement car spaces.
The development is comprised of 30 one-bedroom, 77 two-bedroom, and 11 three-bedroom apartments.
It was designed by architect Aleksander Design Group, which also designed Carlingford’s first high-rise development, The Carl, and has numerous projects completed and in-development in and around Sydney.
Young Rd is 600 metres from Carlingford Court shopping centre and will be close to the light rail stop included in the Parramatta light rail stage one, on which construction is to commence this year.
Joseph Lin and Steam Leung of Colliers International are fielding expressions of interest from buyers.
In a news release, national director of Asian markets Mr Lin said, “We are reaching out to our international client database, including China, HK, Singapore, Macau and Malaysia and have received a great level of inquiries for this DA approved site which already de-risk the planning uncertainty.”
He added, “Due to the potential of this site and as the properties are currently rented, we are targeting developers who wish to either purchase and hold for mid-term land banking or to commence construction immediately.”
Mr Lin said local and offshore developers had already expressed interest in the site.
Yi Fang Group’s only other foray into the Sydney residential development market is Quartet at Lane Cove, which has been completed and is now in the settlement phase.
At the corner of Birdwood Ave and Finlayson St, the Bates Smart designed complex has 235 apartments across four buildings of five to seven levels, set above three levels of basement parking.
The news release did not address the reasons behind the Yi Fang Group’s decision to sell the site.
Expressions of interest for the Carlingford site close Friday, March 8.