Aoyuan Announces its First Luxury Residential Project in Australia , with Local Prominent Developer in the Heart of Sydney ,Facilitating Parallel Development in Domestic and Overseas Markets
Date：2015-03-03
(3 March, 2015 – Hong Kong) China Aoyuan Property Group Limited ("Aoyuan" or the "Company", Stock Code: 3883), a renowned property developer in China, is pleased to announce that the Company has acquired a prime site located at 130 Elizabeth Street in the heart of Sydney at an aggregate price of AUD121 million (equivalent to RMB600 million) through a joint venture with Ecove, a prominent Australian developer, to develop luxury residential apartments. Aoyuan and Ecove hold 70% and 30% equity interests in the joint venture respectively.
The project site is well-located in the heart of the Sydney CBD, and at the junction of Liverpool Street and Elizabeth Street. The site looks north over Hyde Park to the Opera House and Sydney Harbour, enjoying a stunning 280-degree view. It is in close proximity to the landmark Sydney Tower, the major tourist destination Chinatown, Australian Museum the oldest museum in Australia, and Royal Botanic Gardens. The project enjoys mature facilities on its peripheral area, with the heritage listed Museum Station directly connected to the project.
A Stage 1 development approval has been granted by the City of Sydney. The design is a 38-storey building with 148 luxury residential apartments and 2 retail shops. Pre-sale of the project, which has an estimated end value of approximately AUD400 million (equivalent to RMB2 billion), is expected to commence in the second half of 2015.
Ecove rose to prominence by transforming Sydney Olympic Park into a fully functional, vibrant residential suburb. Not only does Ecove have abundant experience in local development, it also shares some of Aoyuan’s core values such as brand philosophy and achieving a development theme. In addition, Ecove has demonstrated strong experience in developing projects in a joint venture arrangement with a high level of corporate transparency.
Aoyuan management commented, "We have been exploring the Sydney residential development market for some time as part of our Group’s overseas expansion strategy. The 130 Elizabeth Street project is not only our first overseas project, it is also going to be an iconic project in a location that is on par with the best in the world. With the China real estate industry entering a silver age and the growth in migration and Chinese foreign overseas investments, Australia has become the ideal destination due to its strategic location in the Asia Pacific region with its comfortable living environment, excellent education system, and stable political and economic climate. Therefore, Australia is our first choice in our overseas market expansion as we aim to expand our income sources and diversify our asset portfolio and operation modes to balance risk."
