Frasers-Sekisui House Central Park sales quick off the mark, with 100 bought in third tower
The marketing launch of the third tower in the $2 billion Central Park precinct in the inner-Sydney suburb of Chippendale has generated a quick 100 sales grossing about $60 million.
The sales in The Mark take the total off-the-plan sales of the urban renewal project to 800 amid the 1,400 apartments in the three towers now under construction.
It’s been at the rate of about 40 off the plan sales a month for the entire project since sale began.
Property developer Frasers has the Japanese property development firm Sekisui House as its joint developer on the 5.8-hectare, mixed-use site.
Works began in late 2008, and completion of the project is expected to take about eight years. One Central Park, which is due for completion by mid-2013 to a design by French architect Jean Nouvel, was the first building to begin construction. It has recorded the sale of 523 of its 623 apartments for a $409 million total, and Park Lane, the second tower has secured the sale of 195 of its 393 apartments for a $134 million total, according to Adam Sparkes, the group sales manager at Frasers Australia.
With prices starting at $480,000 The Mark is set to be a 27-storey tower, with 412 apartments designed by architects Johnson Pilton Walker.
Frasers Australia chief executive Guy Pahor says the current NSW stamp duty exemption on new dwellings under $600,000, which is due to expire on June 30, has “galvanised” some buyers.
“Strong sales in the sub-$600,000 price point are clearly motivated by the imminent deadline,” he suggests.
“We have yet to hit buyer fatique,” he says, with the aim that all 1,400 apartments in the main three towers will be sold by the time The Mark is completed in early 2014. Construction on The Mark began before its sales marketing campaign.
“We believe in the Sydney story of undersupply,” he says, adding it took “courage and conviction” to proceed in the face of “negative newspaper headlines”.
“There is no reason for the sales rate to change. But am I paranoid it might change? Yes.”
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While noting Sydney was not likely to record a rise in property prices over the next 12 months, Pahor indicated he was expectant Central Park would continue to maintain its consistent sales momentum.
With the Fraser brand well known in international property markets, The Mark also attracted $15 million worth of sales in one recent weekend in Singapore.
Only 25% of Central Park’s sales have been offshore.
The project with include several low rise apartments taking the total to about 2000, along with 77,000 square metres of commercial space, 23,000 square metres of retail space and 2,000 parking spaces.
It will accommodate about 2,500 residents and 5,400 workers.
