Darling Square secures third stage weekend sell-out

Darling Square secures third stage weekend sell-out
Darling Square secures third stage weekend sell-out

After many months where developers have failed to secure sellouts, Lendlease sold all 391 apartments of its third and final stage of its Darling Square apartments on Saturday.

The sales secured around $460 million during a four-hour period.

The apartments were priced between $630,000 and $3.5 million through CBRE. 

Many were "seasoned property buyers" who have some equity behind them.

The absence of foreign buyers was noticeable compared to the first and second stage sellouts in 2014 and 2015, the Australian Financial Review noted.

The first stage sellout in 2014 by Lend Lease secured the off the plan sellout of all 357 Sydney apartments, with revenue estimates as high as $650 million.

About 25 percent of apartments were sold to offshore ­buyers, the proximity to UTS encouraging purchasing by Chinese families.

Set on the doorstep of Darling Harbour, Haymarket, Chinatown and Ultimo, the initial Darling Square prices ranged from $700,000 for a 50-square-metre, one-bedroom ­apartment to $3.5 million for a 130-square-metre sky home.

Tags: 
Residential Development Darling Square

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