Chinese real estate giant China Poly has announced plans to erect a twin-tower concept for its first ever apartment project on Australian soil. It will be situated in Sydney’s north-west.
Poly is set to spend $154m to have 501 apartments developed across three towers, reports The Australian. Two of these towers will stand 22-storeys high and the other one will be a low-rise building.
“They are no longer distinguishing buyers by nationality or primarily relying on demand from Chinese buyers,” a Knight Frank report said of Poly last month.
Meanwhile, Credit Suisse in June estimated that Chinese buyers have shelled out about $8.7bn into Australian residential property in fiscal 2014. This is a whopping 60% jump on the previous year’s rate.
“We believe Chinese demand for Aussie housing will continue to grow. After all, Australia, the Lucky Country, is on the doorstep of the greatest wealth creation in history,” Credit Suisse was quoted as saying.
Meanwhile, Poly paid almost $20m in May to buy a stake in the Claremont Manor apartment project in Melbourne. This was made along with Southbank Group. In addition, the Chinese company’s executives have also held talks with developers on the Gold Coast and in far north Queensland.