Harry Triguboff adds another Mascot apartment project to his portfolio

The billionaire developer, Harry Triguboff, says unit sites have come down by about 10 per cent in price.

His Meriton Group has purchased a $25 million property at 133 O’Riordan St, Mascot near one of his other projects.

The site has been approved for a 99-unit development.

The purchase follows Meriton’s $245 million recent acquisition of an 11ha site near La Perouse in Sydney’s eastern suburbs.

“Unit sites have come down by about 10 per cent (in price),” Mr Triguboff told The Australian with the latest buy equating to about $2700 a sqm of gross floor area.

Sites could be purchased with approvals in place, so building could start quickly, he said.

Mr Triguboff noted the apartment boom had also attracted inexperienced developers to the market, who were now finding it tougher to get projects off the ground.

Earlier this month Mr Triguboff said he had cut his apartment prices by 5 percent.

the apartment market was worsening and would have a severe impact on the economy if it was not arrested.

While first-home buyers returned to the housing market after July on the back of state government grants, Mr Triguboff said this would not replace the loss of offshore and local investors and would result in less long-term rental stock being built.