Randwick Residential Development Site Sells for $220 million

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Asian investors continue to have strong interest in Australian property.

“Ascot Park,” designed by well-known architect company Popovbass, a residential development site at 66a Doncaster Ave, Randwick, has sold to private investors from Hong Kong for AU$220 million, demonstrating the continued strong interest in Australian property by Asian investors.

The 17,297sq m development site has DA approval for 82 residences, including a six-level 29 apartment residential tower and four blocks containing townhouses. The site is located in close proximity to the University of NSW, Royal Randwick Racecourse, Centennial Park and the future light rail stop in Randwick.

“This site was extremely attractive to Asian investors due to it great location,” said Steam Leung, Director of Colliers International’s Asian Division. “The DA approval and settlement that is subject to the vendor completing the project, also meant that there was minimal development risk for these investors, who, despite having property investments in their portfolio in Asia, are first time investors in Australia.”

The site was sold by Anson City Developments 1 Pty Ltd, who has appointed a builder and has commenced construction work on site. The site will be developed prior to settlement. Having received FIRB approval for the purchase, the sale is a strong indication of the high demand for Australian property investments for Asian developers.

“There are a number of significant Asian developers genuinely coming to the Australia market,” said Mr Leung. “I’ve been approached by many Asian developers with more than $100million, looking for residential development opportunities in this market. They believe the Australian market is providing them with good value for money.”

According to recent research from Colliers International, Asian developers are being attracted to property markets overseas due to the higher yields, market transparency and the significant real estate investment opportunities.


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