The top 16 Sydney off the plan apartment developers to look out for in 2024
Earlier this year Sydney rebounded from its 12-month property downturn, and with some gusto.
Unit values bounced back 8.1 per cent over 2023, according to property data analytics firm CoreLogic. They peg the Sydney median unit value, which incorporates both townhouses and apartments, at $836,000.
Despite building approvals being persistently low across Sydney in comparison for the need for housing, there's been plenty of activity from Sydney's most prolific developers, whether they're catering for the more niche, high-net-worth-individual market, or are helping solve Sydney's housing crisis with high density developments.
We've wrapped up the top 16 developers to look out for in Sydney in 2024, those who are either completing projects, starting construction, or are preparing to launch a new one.
Developer: Aqualand
Projects: AURA by Aqualand; Central Barangaroo; 146 Arthur Street. North Sydney
Aqualand will be completing their luxury North Sydney apartment developer AURA by Aqualand in mid-2024, signalling a successful end of the two and a half year build by their construction arm Aqualand Construction.
AURA by Aqualand, on Walker Street, will comprise 386 high-end apartments when finished, located above a two-level retail and commercial podium. Resident amenity will be provided in the form of a swimming pool, Technogym, a wellness room, and a pool of Tesla cars for shared resident use.
The $1 billion project has been one of the most successful high density projects over the last few years, consistently setting new benchmarks for North Sydney. There's been a number of big ticket sales in the penthouse and subpenthouse collection from local North Shore downsizers.
Read more: AURA by Aqualand offers exciting new phase for downsizers
Aqualand will still maintain a strong relationship and ownership of AURA. Their hospitality arm, Etymon Project, will operate the hospitality spaces on the ground level. There will be a providore, bakery, café, wine bar, and a contemporary Japanese restaurant.
Next year Aqualand will also be breaking into the build to rent space, converting their commercial building at 146 Arthur Street into a 40-level tower with around 300 apartments above another lively ground floor retail and commercial precinct.
Aqualand has also been actively collaborating with the NSW Government on refining the Central Barangaroo project. The revised scheme emphasises a lifestyle precinct with bars, restaurants, and high-street retail, fostering a dynamic community atmosphere.
Established in 2014, Aqualand is a family-owned, award-winning Sydney-based developer comprising entities like Aquaplaned, AL Capital, and Etymon Project. Aqualand was been the most awarded developer at the PropertyGuru Asia Property Awards in 2023.
Aqualand's broader commercial assets in North Sydney, including 15 Blue St and 132 Arthur St, also hold potential for future redevelopment.
Developer: Deicorp
Projects: Rhodes; Parramatta; Downtown Zetland; The Ashford; Tallawong Village; Hills Showground Village
Deicorp is one of the most prolific apartment developers across the whole of Sydney. Their developments stretch from the Sydney CBD and inner-ring suburb to Castle Hill and Tallawong. Next year will be no different for the privately owned development and construction group which was established in 1999 by Fouad Deiri.
In 2024 they will be launching their $310 million, Fender Katsalidis-designed mixed-use tower in Rhodes, some 214 apartments across 32 levels, and their two 46-level, side by side towers in Parramatta which will add another 600 apartments to their portfolio.
There will also be movement on their joint venture partnership with PAYCE in Melrose Park, where the two are combining for the new $700 million Melrose Town Centre, which will turn a 55-hectare patch of dirt just outside of Parramatta into a fully mixed-use community.
Turner Architects has drawn up the plans which will see just under 500 apartments delivered across six buildings, as well as commercial, retail, a child care centre, and medical premises in the podiums.
Deicorp will also be completing construction on Downtown Zetland, their inner-Sydney community, as well as The Ashford in Castle Hill and the first stage of their Tallawong Village project near the Tallawong Metro Station. They will also launch a new release of apartments in the 430-unit Hills Showground Village development in Castle Hill.
"We are excited to be launching some outstanding new projects in great transport-connected locations across Sydney in early 2024," Deicorp's Executive Manager Robert Furolo told Urban.
Developer: Kassis Homes
Projects: Grand Reve Castle Hill
High-end home builder turned apartment developer Kassis Homes will complete their debut apartment development, Grand Reve in Castle Hill, in late 2024.
Grand Reve, comprising 185 apartments ranging from studios to three-bedroom units and split-level townhouses, has been one of the most popular Castle Hill projects over the last few years.
Strategically located, the Turner-designed development on Garthowen Crescent sits near the North West Metro and Hills Showground Precinct.
Everyone from first home buyers, rightsizers, downsizers and investors have secured apartments.
Kassis is even offering a rare 10-year structural defect guarantee, with buyers also able to secure a home with just a $10,000 deposit.
Kassis has eyes on its next project, also in Castle Hill, a little closer to Castle Towers.
Speaking to Urban last year, Sam Kassis said he and business partner Romio Georges wanted to "create a landmark" with Grand Reve.
Read more: Kassis Homes "dream big" plans for Castle Hill: Five minutes with Sam Kassis
Developer: Sekisui
Projects: The Orchards
National developer Sekisui House Australia will continue with its $1.4 billion Norwest masterplan, The Orchards, where they have just released their fourth stage, Veue Central.
Veue Central is located in the heart of The Orchards and will comprise 210 one, two, three and four-bedroom apartments with diverse floor plan designs - including apartments with a Max Space.
Award-winning Crone Architects has created Veue’s Japanese-inspired residential towers with a vertical green spine with an open landscaped recreational central core—connecting residents to parklands that extend from the eastern part of the site to the creek in the west.
This latest addition to The Orchards has been met with strong buyer demand. During the grand public launch for Veue, Sekisui achieved over 50 sales totalling over $63 million, with local buyers accounting for over 60 per cent of the purchases.
When completed, The Orchards will comprise 1,300 apartments, 1.4 hectares of parklands, an outdoor cinema, playgrounds, and a community centre.
Construction on Veue is set to commence in 2024. Additionally, in 2024, Sekisui House Australia plans to complete stage three, Lumia and is likely to launch the fifth stage of the eight-hectare master plan toward the end of the year.
Developer: WINIM
Projects: Flo Northbridge, Cremorne, Neutral Bay, Gerringong, Newcastle
The prominent North Shore developer WINIM will launch five boutique residential projects across the North Shore in 2024, as well as two luxury mixed-use developments in Newcastle and Sydney.
WINIM, founded by joint managing directors Justin Kuiters and Josh Leahy in 2010, has primarily been focused on Sydney's affluent North Shore.
Just last month they launched Flo Northbidge, just seven townhomes and five apartments designed by Rothelowman opposite Northbridge Shore Playing Fields
Read more: WINIM launch luxury Northbridge development, Flō
One of WINIM's focuses in recent years has been adaptive reuse, which Kuiters says local council’s are favouring.
"We've secured a number of sites which aren't heritage-listed, but due to their striking street frontage, and unique character from a bygone era, just like council, we are wanting to come up with a clever and creative way of bringing these grand building's into the 21st century."
WINIM's recent push into the mixed-use development space is part of their long-term strategy of delivering high-quality, unique lifestyle assets that provide individual experiences to patrons., Kuiters says.
They recently secured a site at 105-107 Fern Street, Gerringong, in the Kiama area where they'll be developing apartments with a small hotel and retail spaces.
Read more: Why WINIM doubled down on the boutique North Shore market
Developer: Abadeen
Projects: Pier 20; Park Residences Cremorne, Enso Neutral Bay, Koyo Crows Nest; The Villas Neutral Bay
Busy North Shore developer currently has six projects under construction across the affluent area north of the bridge, and in 2024 they'll be completing three of them.
They have two Koichi Takada-designed projects, Enso Neutral Bay and Koyo Crows Nest which will complete, as well as their luxury Cremorne development Park Residences which offers views over Middle Harbour.
Abadeen will also start a building, The Villas in Neutral Bay, just 18 two and three-bedroom apartments designed by PBD Architects.
Read more: Abadeen Group continue Lower North Shore dominance, set to launch The Villas in Neutral Bay
Launching in Q3 2024 is their Putney waterfront precinct Pier 20, a joint venture with Fabrizio Perilli's PERIFA.
Pier 20 at 20 Waterview Street involves the refurbishment of Halvorsen’s boatshed to establish a waterfront dining and commercial precinct, the construction of two three-level apartment buildings, 18 three-level townhouses, and the development of a 36-berth marina.
Read more: PERIFA and Abadeen to create Putney waterfront precinct, Pier 20
Justin Brown, Abadeen Group Managing Director, believes there will be a a continued flight to quality for premium boutique property and existing homes and stock in 2024, with the general market plateauing in late 2024.
"There will be greater light forthcoming with the direction of the interest rate cycle," Brown says.
"The plateau effect is short lived and we will see late 2024 through to 2025 will see a rejuvenated pick up in pricing and property fundamentals with the lack of supply, historic low vacancy factors and continued immigration will be the catalyst to restart the growth phase.”
Developer: Central Element
Projects: Ballamac House Coogee, 271 Elizabeth Street Sydney, Bondi Beach
Central Element has had a big 2023, which they are looking to roll into 2024.
Speaking recently with Central Element Managing Director Nathan Chivas, he said the team continue to be on the look out for special development sites where they can create ultra-luxury projects.
In 2023 their Coogee apartment development, Anden Coogee, received two awards at the UDIA NSW Awards for Excellence in the Medium Density Development and Design categories.
They launched Bianca Drummoyne, securing a number of suburb record sales at the 12-apartment waterfront development by SJB, while also securing development approval for the restoration of the historic 1860s landmark, Ballamac House in Coogee, which they will launch in Q1 2024.
The project, designed by Tonkin Zulaikha Greer, will transform the site into eight luxury apartments which will showcase Ballamac House's heritage components in a new light.
The biggest move in 2023 for Central Element was the $51 million site acquisition of an amalgamated site in Bondi Beach.
The site spans over 2,000 sqm across 20-22 Sandridge Street and 21 Wilga Street, encompassing six properties across three lots. They'll be producing a small number of ultra-premium apartments and houses, with each residence expecting to start from $20 million. Those will likely hit the market in late 2024.
Somewhere in between Ballamac House and Bondi's launch will be their Hyde Park, Sydney CBD project at 271 Elizabeth Street.
The mixed-use project, being developed in collaboration with equity partner MaxCap and the current landowner, will be designed by the renowned architects Murcutt Candalepas and will home just 42 apartments across 14 levels and above hospitality spaces.
It will be the first time architecture legend Glenn Murcutt and Angelo Candalepas will work together on a project for the City of Sydney.
Nathan Chivas says the demand for their ultra-luxury and generously proportioned off-the-plan apartments is soaring.
"We're anticipating this trend to only intensify as we head into 2024."
Developer: Mulpha
Projects: Norwest Quarter, 25-31 Brookhollow Avenue, Norwest
Mulpha, recognized as one of Australia's most experienced real estate and hospitality investors, has been carving out a name for itself ever since Norwest came to fruition. Now, they are solidifying their position as a standout developer in Sydney's northwest corridor with the construction of their latest master-planned community, Norwest Quarter.
Stage one of the development will comprise two residential towers; Banksia and Lacebark, delivering 184 apartments which are due for completion in the early stages of 2025. Norwest Quarter will offer unrivalled apartment living underpinned by world-class sustainability features and centred around six acres of green open space.
The project is being supported by an $80 million green loan from the Clean Energy Finance Corporation (CEFC) to cut energy costs by as much as 50 per cent, demonstrating how energy-efficient homes can contribute to our net zero emissions future.
The CEFC's position is being matched by an $80 million green loan from ANZ, with the net zero-ready apartments to consume 50 per cent less electricity from the grid and be powered by 100 per cent renewable energy with an all-electric and gas-free design.
The group are set to also ramp up further development in the area with the New South Wales Government appointing Mulpha to develop the site adjacent to the Norwest Metro Station. The site, at 25-31 Brookhollow Avenue, Norwest, is intended to serve as the central civic gateway for the rapidly emerging Norwest town centre.
Mulpha’s vision for the site includes three multilevel towers that will sit atop two biophilia-designed mixed-use podiums, integrating business, education, and retail uses. The podium and a vibrant public plaza will be activated by community spaces and retail, delivering dining and retail shopping convenience.
TWT Property Group
Projects: The Collective St Leonards
TWT Property Group, an Australian property developer known for projects like NewLife Darling Harbour and NewLife Bondi Junction, looks set to launch its $1 billion mixed-use St Leonards masterplan, The Collective, in 2024.
The suburb hosts their Creative Precinct, launched in 2014, which involved converting commercial buildings into creative spaces, supporting over 800 artists and creative businesses with over 4,000 square metres of subsidised space.
Earlier this year they spent $35 million expanding The Collective site, acquiring 50-56 Atchison Street which added a further 1,080 sqm to the nearly 9,500 sqm holding.
The development is set to include three residential towers, strategically located within a five-minute walk to the train station and even closer to the future construction of the North Shore Metro line.
Urban Property Group
Projects: La Vera Macquarie Park, Little Bay, Mayfair on Penrith, Edmondson Park
Sydney developer Urban Property Group is set for its first Eastern Suburbs apartment development in 2024. They have approval for 76 apartments on a 11,612 sqm site at 11 Jennifer Street in Little Bay.
The 76 apartments will be spread across three buildings, framing two significant landscaped courtyards. Hill Thalis Architecture is involved in the design of this development at 11 Jennifer Street.
There's also a two-tower project, Mayfair on Penrith, in Urban Property Group's pipeline on a massive 8,280 sqm Lord Sheffield Circuit site opposite Penrith Station. The project, designed by SJB, will see 287 apartments delivered across two 10-level buildings.
They also have a townhouse and apartment project over 51,000 sqm in Edmondson Park.
Urban Property Group recently launched La Vera, their first foray into the Macquarie Park apartment market.
Read more: Urban Property Group launch La Vera, Macquarie Park apartments
Developer: Fortis
Projects: The Bronte Collection, Billyard Avenue & Onslow Avenue, Elizabeth Bay, The Woollahra Collection
In 2024 Fortis, the developer funded by Pallas Capital, will launch their luxury Bronte development, The Bronte Collection.
The project, on Hewlett Street, is set to deliver nine freestanding homes with views overlooking Bronte Beach. Each residence will offer spacious living, entertaining, and outdoor areas, private dual garaging with EV charging provisions, private pools, outdoor showers, and individual lifts. Some residences will also include a state-of-the-art gym and sauna.
They will also hope to, pending approvals, launch their luxury Elizabeth Bay apartment project. Not too assumptive to call it the Elizabeth Bay Collection, Fortis filed plans in mid-2023 for two distinctive buildings fronting two of Elizabeth Bay's best streets, Onslow and Billyard Avenue.
Read more: Fortis file Elizabeth Bay apartment development plans
They also have their luxury Woollahra project, The Woollahra Collection, the largest site amalgamation Woollahra has seen.
The project, featuring 25 residences and valued at $170 million, involves the architectural restoration of buildings dating back to the late 1800s and early 1900s, along with the construction of new luxury residences comprising two, three, and four-bedroom apartments.
Developer: Tian An LFD
Projects; Hammond Greens, Hammond Place
Tian An LFD will be one of the most active developers in Chatswood in 2024 with two striking new developments around the Chatswood Bowling Club.
They've recently launched Hammond Greens, a new $67 million mixed-use development at 5-9 Gordon Avenue.
Hammond Greens comprises 64 one, two, three, and four-bedroom apartments spread across 27 levels.
The design, by FJC Studio, emphasises a unique concept of vertical living. The built form integrates selected native tree and plant species at the podium level, creating a suburban, landscaped tower. FJC Studio won the design competition for the project in the previous year.
Tian An LFD, formerly known as Port Bouvard, is one of Australia's oldest listed property developers. Operating as Tian An LFD Australia, it has grown into one of the country's successful operators, focusing on quality residential development in key markets on the west and east coasts. The company is backed by Hong Kong-listed shareholder Tian An China Investments Company, known for delivering over 1.7 million sqm of commercial and residential property in China since 2013.
Hammond Greens represents the second development by Tian An LFD on Gordon Avenue. They have the equally ready to launch tower Hammond Place with a further 110 apartments on an amalgamated site across 10 Gordon Avenue and 15-19 Nelson Street. Hammond Place will also feature extensive retail and commercial space, some 2,606 sqm of it.
Developer; Meriton
Projects: Rhodes, Castle Hill
Harry Triguboff's Sydney apartment pipeline is always topped up.
In 2024 they'll be launching their $137 million Rhodes apartment development, a decade since they developed a build-to-rent project in the waterfront suburb.
The two Plus Architecture-designed towers on a 5,516 sqm site across Blaxland Road, Concord Road, and Llewellyn Street will house 285 apartments along with a medical centre, childcare facility, commercial office, and four retail spaces.
The development is strategically located within the 'Station Gateway East' character area, a key transport hub between Rhodes Station and Concord Road, encouraging the use of rail services and public transport.
Meriton will also be looking to launch a project in Castle Hill on their recently acquired development site which has approvals already in place for 300 apartments.
Meriton's impressive portfolio includes their Pagewood masterplan and their recently launched Cielo which will be Epping's tallest apartment tower.
They also have a number of projects on the Gold Coast and in Brisbane.
Developer: Billbergia
Projects; Bennelong Cove, Chatswood, Rhodes
Billbergia, a privately owned Australian property group with over 30 years of experience, specialises in waterfront apartments in Sydney.
Three projects they recently unveiled expect to see movement in 2024.
Their grandest in the Bennelong Cove project in Wentworth Point, the final stage of the multi-national award-winning masterplanned community.
The proposal includes two residential towers of 40 storeys, delivering around 900 apartments. The Wentworth Point community is praised for its high Liveability Index, particularly in terms of community engagement and employability.
Billbergia's Bennelong Cove plans. Image supplied
Read more: Billbergia unveils updated plans for Bennelong Cove, Wentworth Point masterplan
Billbergia also has their first project in the North Shore, a $170 million mixed-use development in Chatswood.
The project aims to cater to post-COVID hybrid and remote working needs, featuring innovative live-work typologies. Construction is anticipated to commence in late 2024, pending development approval.
Then there's another tower in Rhodes, where over the years Billbergia has developed around 3,000 apartments. The sustainable tower will bring another 244 apartments to their pipeline in a 37-level tower at 9-13 Blaxland Road.
Developer: GURNERTM
Projects: 189 Kent Street, Barangaroo
While making a push in the build to rent space in Parramatta earlier this year, Tim GURNER's GURNERtm will be looking at making strides on their $800 million Barangaroo project which they acquired from Greg Shand's Barana Group in July.
The project marks the first capital deployment within their $2 billion Build-to-Sell development fund, backed by a global institutional investor.
The 1,195 sqm site at 189 Kent Street, adjacent to Barangaroo, received planning approval for two residential towers, ground-floor retail, restaurants, bars, a health and wellness component, and basement parking. GURNERTM plans to seek amendments to the approval to enhance amenity provisions and align with their vision for the site.
Anson Group
Anson Group will be hoping 2024 will bring them approval for what will be St Leonards tallest skyscraper which they submitted an application for a few months ago.
The 50-level tower at 617-621 Pacific Highway would comprise 190 apartments and commercial office, and retail components in a six-level podium which aims to contribute to the renewal and activation of St Leonards as a strategic centre.
The project will undergo assessment by the North Sydney Council and the Sydney North Planning Panel. If approved, it would be the largest tower in the area, capitalising on the state government's investment in public transport, particularly the future Crows Nest Metro Station.
Anson Group also has a $103 million, mini masterplan project in Kensington which they'll be looking to launch to the market in 2024.