“These factors, coupled with post-COVID immigration figures reaching record highs, has resulted in unparalleled demand for new residences. It is for these reasons that we anticipate the Sydney off-the-plan market to remain strong over the next 12 to 18 months,” he said.
The 1000 apartments planned for the site will include a mix of build-to-rent residencies, which Mr Nahas said reflected a “shift in the preferences of younger Australians, who are opting to rent rather than pursue homeownership”.
Coronation property will deliver six building precincts and a public park on the site.
“Amid the escalating housing crisis, the build-to-rent model is positioned to fulfil a crucial role in addressing the growing need for new residences,” he added.
“It is also encouraging to see that state and federal governments have expressed support for the sector and I applaud them on that – more needs to be done.”
Coronation also announced that Surry Hills-based architecture firm Silvester Fuller had the winning submission for Building E, a 150-unit development that will offer one-, two- and three-bedroom apartments.
“Our park edge location has informed a close relationship between building and landscape, with suspended trees animating the building facades and public ground plane,” said Penny Fuller, a director at Silvester Fuller.
Construction of Building E, which will overlook the new park, is due to kick off in the second quarter of next year, while construction of Building D featuring six three-storey luxury terraces, is expected to get under way in the first quarter of 2024.
Designed by Redfern’s Andrew Burns Architecture, the terrace home development received development approval from the City of Sydney Council in March.
“Our vision was inspired by the neighbouring Victorian-era terraces found in Erskineville and across inner-city Sydney,” Mr Burns said.
There will be a mix of build-to-rent and build-to-sell apartments among the 1000 planned
Coronation, which has projects under way in Parramatta, Harris Park, Merrylands and Chatswood, moved on the Erskineville site after state-backed Greenland and Guangzhou-based Golden Horse put it up for sale amid a wider retreat by Chinese developers from the Australian market.
The former 7-hectare Goodman Group site was acquired by Golden Horse for $380 million in 2014 and became known as the Ashmore Estate, part of a larger urban renewal project known as Ashmore Precinct.
It offered the potential to deliver over 1700 apartments.
In 2016, Golden Horse sold a 60 per cent stake in the development to Greenland. About 330 apartments across two buildings were completed by the Chinese developers before they put the remaining undeveloped portion of the site up for sale last year.