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$400million Residential Masterpiece

Saturday, 07th March 2015

The Hong Kong-listed Aoyuan Property Group has entered into a partnership with well-respected local development company Ecove to build a $A400-Million residential tower in the heart of the Sydney Central Business District.

The Hong Kong-listed Aoyuan Property Group has entered into a partnership with well-respected local development company Ecove to build a $A400-Million residential tower in the heart of the Sydney Central Business District.

The joint-venture paid $121-Million for the prime site at 130 Elizabeth Street, overlooking Hyde Park and Sydney Harbour. Currently it contains a dated 14-storey office building which the partnership plans to demolish for a prestigious 38-storey Bates Smart designed building of 148 apartments and two retail retail shops.

When completed the end value should be around $A400-Million.

Ecove is a fully owned and operated Australian company known for transforming Sydney Olympic Park into a fully functioning residential suburb.

Aoyuan Property Group is a company publicly listed on the Hong Kong Stock Exchange and has a land bank of more than 12-million square metres spread throughout China.

130 Elizabeth Street will be its first of several Australian projects which it hopes to announce later in the year to mark the start of a long term relationship with the Australian development industry.

“We have been exploring the Sydney residential development market for some time as part of our Group’s expansion strategy,” said Aoyuan Property Group’s vice president and head of capital markets Jacky Chan.

“The 130 Elizabeth Street project is not only our first Australian project, it is also going to be an iconic project in a location that is on par with the best in the world.  While we have strong development credentials in China, we recognise the need to partner with a prominent Australian developer in Ecove to bring the vision of this iconic project to life.

“We believe that together with Ecove we will give Sydney a building of international significance that does justice to its world-class location and maximises the stunning 280-degree views.”

The site looks north over Hyde Park to the Opera House and Sydney Harbour and to the south as far as Sydney Airport.

Elizabeth Street is acknowledged as Sydney’s dress circle, and this corner site is probably the finest.  It offers a lifestyle in high demand, and only recently a penthouse at Eliza at 141-143 Elizabeth Street sold for $12.35-Million.

A Stage 1 development approval has been granted by the City of Sydney with Bates Smart winning the subsequent design competition.  Final approval is expected within a couple of months.

Ecove has risen to prominence through its four eye-catching apartment towers along Australia Avenue at Sydney Olympic Park. Australia Towers (24 levels, 216 apartments) was completed in 2012. ATII (25-storeys, 288 apartments) will be completed within weeks, with One Australia Avenue (30-levels, 320 apartments) following around July. Opal Tower (33-levels, 369 apartments) is the final and most prominent of the buildings.

When completed by 2017 Ecove would have developed more than 1,200 apartments and shops at Sydney Olympic Park, transforming the sporting precinct into a vibrant, fully functioning residential suburb.

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Comment from alice1swan on Wednesday, 01st July 2015

As for me it's cool to work there but not live in the  tower in the heart of the Sydney . It  will be always noisy because of Central Business District. I think my writer's team http://essayhelperonline.com/  dream about an office in the such huge building. 

Comment from aieroel on Saturday, 23rd May 2015

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Comment from Starksail on Thursday, 21st May 2015

It does look like a building of international significance! I think it was a good idea for Aoyuan Property Group to team up with Ecove. I wonder how fast those towers filled up, the building looks so prominent that I bet a lot of people would like to acquire an apartment there.

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