(Sydney, Australia) -- Sydney's newest coastal residential community, Little Bay Cove, is off to a rousing start with 90 percent of the apartments scooped up in the first phase of multi-family units called Solis. The master-planned development's first and now near-sold out release of apartments this reinvigorated pocket of Sydney remains in high demand.
The $600 million Little Bay Cove, a development alliance between Charter Hall and TA Global Berhad, will ultimately include more than 500 dwellings with the majority oriented to stunning coastal views. The property is set within a beachside community about 14 kilometers southeast of Sydney's Community Business District along the eastern suburbs' most stunning coastline.
The community's Solis section comprises 45 apartments designed by Fox Johnston Architects. Floor plans include a mix of one-, one plus study and two-bedroom configurations, with prices starting from $480,000. Only a selection of one bedroom and one bedroom plus study apartments remain, with prices starting from $499,000.
The next release of courtyard homes is expected to be launched soon to keep up with ongoing demand.
Little Bay, has been at the center of a residential transformation for the past seven years, and the area ranked as Sydney's fourth best-performing suburb for capital growth, and is now considered among Australia's 'hot spot' suburbs for 2012.
Peter Goulding, Partner at NG Farah Project Marketing, said the area's popularity is no surprise and Little Bay Cove's sales results confirm its appeal.
"Little Bay continues to realize good growth, with more buyers discovering Little Bay Beach and the relaxed beachside lifestyle still so close to the CBD," Goulding said. "Now, Little Bay Cove adds to that, by offering a great choice of architecturally designed and affordable new homes set within a low density master planned community."
Chris Chapple, Charter Hall's Head of Development Services, said he is confident that Little Bay Cove's appeal will continue, given the strong local demand for housing.
"There is huge demand for housing in the local area and this is reflected in the ongoing sales success at Little Bay Cove," Chapple said. "There was a high level of interest from local buyers prior to the first release and that has certainly continued."
TA Global Berhad Executive Director, Kimmy Khoo Poh Kim, said the company believes in the long-term potential of the Little Bay area.
"Little Bay Cove delivers affordable and varied housing to an area of Sydney that is steadily undergoing a transformation into what we see as a desirable, residential area," she said.
The approved master plan brings a range of benefits to the local area, including a high quality public domain with two parks, a central lake surrounded by walking trails and lookouts to Little Bay Beach and beyond; and public connections into and through the site to the adjoining Prince Henry community. A limited number of housing lots are also currently available, offering sought-after parcels of land, rarely offered within a beachside community.
Charter Hall Group (ASX:CHC) is one of Australia's leading fully integrated property groups, with 20 years' experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has over $10 billion of funds under management across the office, retail, industrial and residential sectors.
TA Global Berhad, one of the largest listed property development companies in Malaysia by market capitalization, is involved in a diversified range of property services, which includes property development, property management, property investment, trading, hospitality operations and construction in Malaysia, Australia, Canada, Singapore and China.
The TA Global Group is currently the owner of five hotels, namely the Westin in Melbourne, Radisson Blue Plaza Hotel in Sydney, Swissotel Merchant Court in Singapore, Aava Whistler Hotel in Whistler and Swissotel Kunshan in Kunshan, China. TA Global Berhad's other portfolio of investment properties includes its head office, Menara TA One, a 37-story office building in the Golden Triangle of Kuala Lumpur, Malaysia and the prestigious 24-story "AAA" FortisBC Centre office building in Vancouver, Canada.