Essence, Double Bay popular with downsizers

In Sydney's Double Bay, local downsizers bought nearly 75 per cent of Essence, a 37-apartment boutique project launched by Melbourne-based Chinese developer Golden Age.

The most expensive sold on Saturday was a $2.9 million apartment.

The $110 million development at 315-321 New South Head Road has harbour views.

Its one, two and three bedroom residences, most with a northerly orientation across Henrietta Street, were designed by the CARR design group for the Golden Age Group, led by restaurateur and property developer Jeff Xu which bought the site with planning approvals for $18 million.

Mr Xu told The Australian Financial Review he wanted Golden Age to be known for its prestige apartments as much as its high-rise towers.

"This is a strategic move for us to have another site in Sydney.

"I want to tell the market that Golden Age is not only about quantity, it is about quality as well.

"We can do [a] 70-storey high-rise. We can do [a] three or four-level low-rise as well, as long as it's good quality.

"Double Bay is a very good project for us to put our brand into Sydney.

"It's like a business card."