Developments

Parramatta’s building boom continues

Chinese property giant Fuxing Huiyu Real Estate has unveiled the third building in their 774-apartment development in Sydney’s Parramatta.

Fuxing Huiyu ‘s Australian subsidiary Starryland Australia acquired the 5ha site on the Parramatta River nine months ago and already they’ve started construction of the first two buildings comprising 124 apartments that will be complete by late 2016.

The third building will contain 153 apartments and, when complete, the $550 million development will include 1.2ha of foreshore parkland and a new pedestrian bridge across the river.

Developers have swoopped on Parramatta with 33 major projects in the pipeline worth an estimated $8 billion. If the current pace continues Parramatta could overtake Adelaide as Australia’s fifth-largest CBD.

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