Stamford Land in A$220m Sydney project
Posted on December 17, 2007
Filed Under Land
Singapore-listed Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia’s most expensive homes on the site of two old demolished warehouses and a heritage building.
Mr Ow bought the 99-year leasehold site on Sydney’s The Rocks area fronting Gloucester Street and Cumberland Street for A$22 million in June 2004 and is developing a 30-storey building with 122 apartments, five luxury terraces and commercial and retail space, at a total cost of some A$220 million (S$279 million). Even before the official launch, 55 per cent of the project is said to have been sold, at an average price of just over A$1,000 per square foot (psf).
The 427 square metre penthouse at The Stamford Residences and The Reynell Terraces is expected to fetch A$14 million, which, according to The Daily Telegraph, will beat the A$12 million paid for another apartment at The Bennelong. This would be just short of the record A$16.5 million paid for three adjoining apartments formerly owned by one of Australia’s richest men, John Symond, who founded lending giant Aussie Home Loans and who in 2004 had a fortune estimated at A$365 million. The cheapest apartment, a 62 sq m one-bedroom unit, is expected to go for A$645,000, or about S$1,200 psf - high, but way below the $4,000 psf apartments at Singapore’s Orchard Turn are fetching.
(Source: sgpropertypress.wordpress.com/Business Times, 29 Nov 2007)
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