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08-11-2015, 11:36 PM
- Nov 9 2015 at 12:15 AM
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[img=620x0]http://www.afr.com/content/dam/images/g/k/s/3/n/k/image.related.afrArticleLead.620x350.gks3md.png/1446942346190.jpg[/img]Chiwayland and Longton Property Group's Roseville project, The Uptown, in Sydney.
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by Su-Lin Tan
Upcoming property developer Chiwayland has splashed out $24.3 million on a 4422-square-metre site in Sydney's growing northern suburb of Epping.
The Chinese-backed and Singapore-listed company plans to develop a 90-apartment project at 17-25 Epping Road. Construction is scheduled to begin in 2016 and completion is due by the end of 2017.
The company has gained ground in the Sydney housing market after making its debut early this year, buying a 2878-square-metre site in Parramatta for $27 million to build a 44-storey, 366-unit project, The Peak.
It also has joint venture apartment projects in Brisbane with Property Solutions, such as the 224-unit Illumina in Toowong Village.
More recently, it launched the final stage of its joint venture 220-apartment project, The Uptown, in Sydney's north shore suburb of Roseville with another Chinese-backed company, Longton Property Group.
The project at 1-31 Victoria Street across six buildings on a 1.37-hectare site is nearly sold out.
Epping is a transport hub with a rail links to Sydney through Macquarie Park and Strathfield and the starting point for the new $8 billion North West Rail Link.
The launch of the North West Rail Link has resulted in increased property values along a 22-kilometre corridor that passes through Castle Hill and Cherrybrook.
Chiwayland was confident the Sydney housing market would remain solid, despite cooling conditions, general manager Tomas Simpson said.
