Developer Chiwayland buys mixed-use site in Sydney’s Ryde for $18.6 million

Property group Chiwayland Australia has acquired a 2,980 sqm corner site in Sydney’s northern suburb of Ryde for $18.6 million.

The site at 771-775 Victoria Road is zoned for a mixed-use project which has a compliant concept scheme for 90 residential apartments. It was formerly a car dealership.

The development is close to Top Ryde Shopping Centre and public transport.

Chiwayland International is the property division of conglomerate Chiway Group and is involved in residential and commercial development in China, including affordable housing, office buildings and education.

The company entered the Australian market in 2014 and the acquisition brings the company’s development pipeline to more than $872 million in Australia including joint ventures.

Chiwayland Australia’s director Brian Chen said the acquisition is part of its strategy to acquire prime sites in Sydney’s growth suburbs close to transport links upon which to develop mixed-use projects.

“Through the planning process, we are exploring ways to maximise urban outcome and community benefit,” Chen said.

The acquisition follows the company’s purchase of a site in Parramatta for $27 million in January last year with plans to develop a residential tower with about 350 apartments.

Chiwayland is currently developing several residential projects in Sydney and Brisbane. It has recently launched its new $78.9 million residential development in Sdyney’s Epping, known as Marine’s Hill, comprising 90 apartments.