Metro Award Property Development Group is the latest developer to take on the growing Sydney northwest residential corridor with plans for up to 1600 apartments on two sites totalling 60,000sq m at Tallawong Road, Rouse Hill, The Australian Financial Reviewreported.
The residential project with amenities, worth more than $600 million, will be 50 metres from the future Cudgegong Road Station, the last station on the new $8.3 billion Sydney Metro Northwest to be completed in 2019.
Metro Award led by managing director Tony Lam acquired the sites for $69 million from a private seller in a deal handled by local investment firm, Celestial Group.
The smaller 20,000sq m site can take up to 385 units and the second 40,000sq m site can hold up to 1200 units. Both sites are due for rezoning into medium or high density next year, Mr Lam said.
“It’s early days but we are thinking of a landmark building at the bigger site and then a stepped down approach with the rest of the buildings,” he said.
“Our intention is to create value for our sites, to the buyers, the council and the local community.”
While Cudgegong Road is 48 kilometres away from the CBD and 57 minutes to the CBD on the future metro, Mr Lam said the cheaper prices at the development would be good value for younger buyers.
Metro plans to price its one-bedroom apartments at under $500,000, about $620,000 for two-bedroom units and $800,000 for three-bedroom ones. All units will have large balconies, with space being the biggest consideration.
“There’s no downturn in the housing market especially in Sydney. There’s nothing you can’t sell in Sydney if the price is right,” Mr Lam said.
“Prices might come off a little bit … but prices are not falling in good suburbs. The 20 per cent price rise in the last year will be rationalised over the next few years.”
Metro Award plans to commence construction in 2017 and complete the units between 2018 and 2020, with presales to start late next year.
The company, which started as a mortgage business, has other residential developments underway including 133 units in Cliff Road in Epping and 120 units in Mascot in Sydney’s south.