China’s Aoyuan Property Group expands Sydney footprint, buys Maroubra site for $18 million

Property developer China Aoyuan Property Group Ltd has announced two more projects after tasting success with its first Australian foray, One30 Hyde Park in Sydney.

Hong Kong-listed Aoyuanpaid $18 million for the 1,000 sqm site at 188 Maroubra Road in Maroubra Junction. Plans to develop 70 apartments have been submitted to Randwick Council for approval and the developer expects to market it by the end of this financial year.

It has also entered into a conditional agreement to acquire a strategic site in Melrose Park, in the municipality of Ryde.

The Melrose Park project is on a 10,000 sqm site and is earmarked for the 2018/19 financial year. Aoyuan said it will continue to build its development pipeline in Australia.

“Aoyuan’s first overseas project, One30 Hyde Park, has impressed us with its outstanding sales performance, and we are confident that it will achieve a gross sales target of close to $400-million,” said Jacky Chan, head of Aoyuan’s Australian operations.

He said the acquisition of the Maroubra and Melrose Park sites will further the group’s strategic expansion plans and also build a strong brand awareness in Australia. 

“Australia is not a short term proposition for us. We are committed to Australia. Last year, the Australian contracted sales performance contributed to nearly 7% of the group’s total contracted sales performance,” he said.

Aoyuan other projects are in Guangdong, Chongqing, Liaoning, Jiangsu, Zhejiang, Anhui, Hunan, Guangxi and Jiangxi. It said as of June 30, 2015, the total GFA of land bank was approximately 12.76 million sqm.