CHINESE development giant Country Garden’s Australian arm has completed its first project down under, the $580 million Ryde Garden high-rise project in Sydney’s North Ryde.
Residents are now moving in to the first of Ryde Garden’s three towers, which range in height from 12 to 28 metres set around a 4,000 sqm park on a 17,580 sqm site within the North Ryde Station Urban Activation Zone.
Settlement of the two remaining towers was recently announced.
Resident amenity includes parking for 730 cars and 336 bikes, pool, gym, child care facility, ground level retail, concierge and rooftop gardens.
Dr Guotao Hu, chief executive officer of Country Garden Australia, said the completion of Ryde Garden was a very important milestone for the company.
It has just commenced site works at its Windermere project in Mambourin on Melbourne’s south-west metropolitan fringe, where it sold out the first release of 43 lots, ranging from 350 sqm to 723 sqm, within three weeks.
The development is part of the 363-hectare site it acquired for a record sum of $400 million last year, on which the group has received approval for 4,500 housing lots as part of the master planned community.
Country Garden recently teamed up with Mercator Developments for a project in Cranbourne East, in the south-east, which will deliver 124 housing lots of mostly 300 sqm to 320 sqm across eight hectares.
Ryde Garden was constructed by Watpac, which started works in May of 2016.
Watpac managing director, Martin Monro, said the group was delighted to have been part of Country Garden Australia’s first project.
“The construction process required disciplined project management capabilities, given at its peak 550 workers were working on site each day, contributing to a monthly turnover of around $21 million.”
During winter, Country Garden moved to distance itself from a furore involving New South Wales MP Daryl Maguire, after an Independent Commission Against Corruption enquiry hearing was played a recording of he and former Canterbury City councillor Michael Hawatt discussing a cut he and the councillor might take from a sale to the developer.
Country Garden was ranked the top Chinese property developer over the first five months of the year, registering around US$52.3 billion in sales to the end of May.
At the end of 2017, it completed or was in the process of completing 1,456 projects spanning 220 prefecture-level cities throughout China, as well as 768 districts and counties across 30 provinces, autonomous regions and municipalities.
Australian Property Journal