Asian developer’s first step into Australia with 62-apartment Ashfield development

South Chinese developer Shunlide Group’s Australian offshoot, Surewin Pty Ltd, are set to build 62 new apartments in Ashfield in the company's first Australian project.

Marketed as One Victoria, the development is located on 2,958 square metre land surplus to the Wests Ashfield Leagues Club at 1 Victoria Street.

General manager of Surewin Australia Edward Cheung said that it took them five years to acquire the site.

“We selected international-class firms to partner with, and we’ve worked closely with the local council to ensure the apartments provide the prime living environment for the suburb yet still maintain realistic prices,” he said.

The six-storey building will see upper level apartments with views to the Sydney CBD to the east and Chatswood to the north.

Ray White Erskineville’s Peter Shield expects a high level of demand.

“Ashfield is a naturally beautiful suburb surrounded by parklands and recreational attractions, and very convenient to the Sydney CBD via rail, bus or car,” said Shield.

“Surprisingly though, Ashfield has been largely neglected by quality developers, and apartments here have been primarily built to a price for investors.”

He notes that their research has found subdued median prices in Ashfield as a result, with the median sitting at $590,000, compared to Summer Hill’s $650,000, Croydon’s $667,000 and Five Dock’s $735,000.

“The apartments are 15% larger than Ashfield’s average, and all have at least one secure car space,” he said.

There are three studios available, at 44 square metres internally plus external space of up to 19 square metres, from $545,000.

A further 14 one bedroom apartments from 52 to 58 square metres internally and external space spanning up to 21 square metres are priced from $595,000 upwards.

Two bedrooms, with the most options at 33 apartments, span from 81 to 95 square metres and the externals range up to 99 square metres. They are priced from $755,000.

Finally, there are 12 three bedroom options that are available from $995,000. They span 115 to 129 square metres with externals up to 96 square metres.

Each apartment comes with a 5.5 metre storage cage in the basement. There are 80 car spaces in the development.

One Victoria is being designed by Nettleton Tribe, with a third of the site to be landscaping and communal space, with a central courtyard for residents.

Body corporate levies have been estimated at $600 per quarter for one bedroom apartments, $800 for two bedroom apartments and $1,100 for three bedroom apartments. Strata Choice came up with the estimations.

Deicorp is constructing the development, and work is scheduled for early-2015.

The expected completion date currently sits in mid-2016.