Greenland's Lachlan Line project, nbh launched

The Chinese property developer Greenland tested the Sydney off the plan market with its weekend launch.

It secured the off the plan sale of around 100 apartments in its new Lachlan’s Line precinct, in Sydney’s north-west. 

The mixed-use development, nbh at Lachlan’s Line will consist of 900 apartments across six towers at Macquarie Park which is set to become Sydney’s fourth CBD with a wave of new development currently underway.

The first stage weekend offering had one bedroom apartments priced from $580,000 to $750,000. 

The one bedroom plus study apartments were priced from $650,000 to $880,000, with two bedroom, two bathroom apartments priced from $950,000 to $1.27 million.

There were four bedroom, three-storey townhouses priced at over $2.5 million in the complex designed by two architecture firms, Bates Smart and Turner, which will include a corporate space to be occupied by the City of Ryde Council. 

Sherwood Luo, the managing director of Greenland Australia, said there had been a strong response from the market. There were a reported 180 apartments available to purchase in the first offering.

“nbh at Lachlan’s Line will become a lifestyle-oriented community with a beautiful big park anchoring the development as well as a huge 6000 square metre activated retail precinct featuring restaurants, cafes and gourmet grocers which will become a new destination for Sydneysiders." 

Mr Luo also credited the day’s sales tally to the "highly respected reputation which Greenland has built as a global developer." 

“Greenland has developed several of the tallest residential towers and largest urban complexes in the world,” he said. 

CBRE Residential Projects agent Tim Rees said the results "surpassed expectations." That's a reference to the recent insights on Sydney's residential off-the-plan property market from CBRE Residential who've acknowledge the days of 100 percent whole block sellouts are over.

These days Sydney had returned to a “new normal”, the CBRE Residential managing director, David Milton suggested, amid increased media headlines suggesting reduced demand and higher stock levels could spell trouble. 

Although the cost of buying property in Australia has increased for foreign buyers and lending is more restricted, David Milton remains confident, and does not foresee a long-term impact on demand from these buyers.

“There are some short term settlement issues with FIRB buyers, but longer-term they will find a solution," he recently suggested.

Offshore funded sales will continue to account for a significant part of the market, he anticipates.