The Peak project site at Parramatta sold by CWG to Aland

A Parramatta site which was set to become The Peak, a 138 metre tall residential development, has been flipped by CWG, the Singapore-listed Chinese property developer.

The company bought the 2880 sqm, four lot site for $27 million in 2015 and listed it for sale mid-last year. It sold the Parkes Street residential site for $40 million, Fairfax Media reported.

They rezoned the land and lifted the potential floor space from 10:1 to 15:1.

Towering 100 metres above the surrounding landscape, The Peak was set for around 330 apartments.

Knight Frank agent Ben Wicks was marketing the development with CBRE's Danny Shi.

The group sold it to Sydney residential developer ALAND late last week through local agency Khoury & Partners' George Khoury.

Concord-based ALAND, which focuses on residential developments in metropolitan growth corridors, will now proceed the scheme by SJB Architects.

CWG's remaining residential portfolio includes a 220-apartment project, The Uptown in Roseville, a joint venture with another Chinese developer Longton, a 90-apartment project at 17-25 Epping Road in Epping and the Stellar apartments at 771-775 Victoria Road, Ryde.

It also has a 11-hectare development site in Caddens, Penrith in Sydney's west.