Greenland Sells $250 Million of Sydney Apartments

Greenland Sells $250 Million of Sydney Apartments

Residential News » Asia Pacific Residential News Edition | By Francys Vallecillo | December 9, 2013 8:46 AM ET

The Shanghai-based developer Greenland Holdings Group has sold approximately A$275 million ($250 million) worth of apartments in the company's first project in Australia, the 66-story Greenland Centre. 

The state-owned developer sold 241 of 250 apartments released in the first stage of the Sydney tower, expected to be the tallest in the city, Bloomberg reports. 

The tower is expected to rise higher than 235 meters high. Currently, the tallest residential building is World Tower at 230 meters, according to the Council of Tall Buildings and Urban Habitat. 

Of the units offered, the most expensive was a 55th-floor, three-bedroom unit, sold for A$3.7 million to a Chinese buyer living in Australia, managing director for residential projects at selling agent CBRE Group Inc., David Milton, told Bloomberg

"We had enormous interest, about 4,000 in the four to five weeks leading up to it," Mr. Milton told Bloomberg. "This has been one of the most highly anticipated projects, with one of the highest level of inquiries that we've had."

The company has invested more than A$1 billion on projects in Sydney and Melbourne, joining Chinese developers like Dalian Wanda Group, which are increasing overseas investments. 

Last July, the company made its first U.S. investment, buying a $1 billion stake in a Los Angeles project. In October, the group announced plans to invest in a 15-tower New York apartment project

Greenland is in the process of obtaining approval for the Sydney project in order to start construction, according to Bloomberg.  

Video: Greenland Centre - Sydney's Tallest Residential Tower

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