Private developers Deicorp and Fortis have received approval for two distinct projects with a total value of $784 million, dispelling any reservations regarding the demand in the upscale apartment sector. Meanwhile, at Barangaroo, Lendlease has reached the pinnacle of its luxury One Sydney Harbour residential development.
Deicorp has received the ultimate planning clearance for its Hyde Metropolitan project, a 55-level tower with a projected cost of approximately $700 million. This tower, designed by the Sydney-based architectural firm Candalepas Associates, is situated overlooking Hyde Park. It is set to feature 168 upscale apartments along with a six-level podium housing retail spaces, commercial units, and communal areas for residents.
The upper-level apartments will offer exclusive amenities such as private foyers and dedicated lift access. Additionally, the ground floor will host a prestigious restaurant and bar. Deicorp, a specialized construction and development company based in Sydney, boasts over two decades of industry experience.
Over at Barangaroo, Lendlease’s iconic One Sydney Harbour luxury residential development reached a significant milestone by “topping out” Residences Two and Watermans Residences. This achievement signifies the official completion of the highest points of both the 68 and 30-story towers.
One Sydney Harbour has sustained considerable interest, with more than 87 percent of apartments sold across its three towers. Impressively, over 90 percent of these sales were made to local buyers in Sydney.
Daniel Dugina, the head of apartments at Lendlease, noted that One Sydney Harbour is setting a new standard for luxury living along Sydney’s harbor. This exceptional demand from local buyers has also extended to their nearby One Circular Quay development.
Completion date for the Deicorp’s project
The One Sydney Harbour precinct Is set to be officially completed in 2025. As for the complex, Residences One is nearing completion, and residents are anticpated to start moving in from early next year. Residents of Residences Two and Watermans Residences are expected to move in during mid and late-2024, respectively.
In the eastern part of Bronte, Fortis has successfully obtained development approval from Waverley Council for its project located at 122-128 Hewlett Street.
Patrick Baldock, who serves as the associate director at Fortis, has announced key collaborations for the project. Alexander &CO. and Lawless & Meyerson will be responsible for the interior architecture, while the landscaping will be handled by the local integrated landscape design firm Wyer & Co.
Pallas Group is the parent company overseeing both real estate financier and investment manager Pallas Capital and property development manager Fortis. According to Baldock, this project signifies the beginning of a new chapter for Fortis, focusing on a different housing sector, where they aim to design standalone homes that blend contemporary and classical interiors.
Commencement date for the Fortis project
Construction on the “Bronte Collection” project is scheduled to commence in early 2024. This development, with an estimated end value of $134 million, will feature a set of nine four-bedroom freestanding homes situated over a communal basement. Each of these homes will offer stunning views overlooking Bronte Beach.
Alexander Phillips, the principal of PPD Real Estate, emphasized the significance of this development in Bronte. He noted that there hasn’t been an approved development of this caliber in Bronte for over five years. Phillips anticipates strong demand for this high-quality product, particularly from the downsizer market, which is on the rise, especially in tightly held coastal locations within the Eastern Suburbs.