Singapore-listed Frasers Centrepoint reports strong sales at new Sydney apartment project

Commuters ride on the rooftop deck of a Sydney ferry at sunset en route to Rose Bay in Sydney's eastern suburbs.
Commuters ride on the rooftop deck of a Sydney ferry at sunset en route to Rose Bay in Sydney's eastern suburbs. PHOTO: REUTERS

SINGAPORE - The Australian division of Singapore-listed Frasers Centrepoint has reported strong sales at an apartment project in inner-suburban Sydney launched last week.

Frasers Property Australia said A$229 million (S$236 million) of apartments had been sold at DUO.

DUO is located on a larger site called Central Park, a major urban redevelopment project in the suburb of Chippendale on the fringes of the city's central business district.

Frasers jointly developed DUO with Sekisui House Australia.

Frasers Property sales and marketing director Paul Lowe said: "Apartments were snapped up across the full spectrum of the residential offering. One bedroom suites, one-bedroom + study apartments and two-bedroom apartments were purchased by a mix of owner occupiers and investors."

He said there was also strong interest in three-bedroom dual-key apartments in DUO which were offered for the first time at Central Park. Dual-key apartments are a unique product type in the market and have proven to be ideal for investors wanting to stay in one apartment and lease the other one out, as well as growing families who desire space and flexibility in apartment living.

"We've now successfully sold over 1,800 apartments across the entire Central Park precinct to-date. The average apartment sales price at the DUO launch was just over A$1 million."

The A$2-billion Central Park urban village is one of Australia's largest urban renewal projects involving the redevelopment of the former Carlton United Brewery site. Occupying 5.8ha in Sydney's downtown, Central Park will comprise 2,200 apartments upon completion.