Mirvac, Meriton push on with apartment projects

Developers are winning strong sales and proposing new projects in Sydney despite warnings about apartments oversupply.

Mirvac development director Adrian Checchin. Picture: Daniel Aarons

Developers are winning strong sales and proposing new projects across Sydney despite ongoing warnings about the heat in the apartment market.

Local and offshore groups are expanding their residential portfolios in inner-city areas and suburbs with a concentration of high-rise projects.

AMP Capital chief economist Shane Oliver warned about the hot state of the market after yesterday’s decision by the Reserve Bank to leave rates on hold, calling for more “jaw boning” by regulators to cool the market, or even intervention by the Australian Prudential Regulation Authority.

Meanwhile, listed apartments giant Mirvac Group said yesterday it had moved ahead on the former Marrickville Hospital site, lodging a development application that will include 225 units and public facilities.

Mirvac has recorded strong sales at recent project launches in St Leonards, Bondi and Waterloo, as well as in its landmark Harold Park development.

Local stalwart Meriton, which launched a project in Pagewood, and Chinese-backed Loftex, which unveiled its Embassy Tower in St Leonards, also reported strong sales this month.

Mirvac development director Adrian Checchin said the focus at Marrickville was on ensuring the council’s vision for the site remained while improving public open spaces.

“The Marrickville Hospital site is owned by council and though it closed in 1990 it is an important amenity which will continue to belong to the community with the impressive facilities proposed on the site,” he said.

Inner West Council administrator Richard Pearson said the redevelopment of the old Hospital site had taken a significant step.

Architects BVN and landscape designers Aspect Studios are working on the project, alongside Tim Greer of Tonkin Zulaikah Greer, with Mirvac responsible for the apartments.

At $2 billion Central Park in inner-city Chippendale, the final residential stage, Wonderland, has had strong sales, developer Frasers Property Australia said.

The launch last weekend saw $140 million in apartment sales in the fjmt-designed complex with 294 apartments and terraces.

Colliers International managing director, residential, Peter Chittenden, said Wonderland was receiving strong interest.