Joint venture plans $400m tower at Hyde Park

A $400 million 38-storey residential tower has been announced for Sydney’s Hyde Park. The project at 130 Elizabeth Street will replace a 14-storey office building on the corner of Elizabeth and Liverpool streets.

The new residential tower will house 148 apartments. 130 Elizabeth Street is a joint venture between the Hong Kong-based Aoyuan Property Group and Ecove that was responsible for the conversion of Sydney Olympic Park. The partnership paid $121 million for the site and expects an end value of about $400 million.

Aoyuan Property Group said 130 Elizabeth Street will be the first of several planned projects in Australia.

Aoyuan Property Group’s Jacky Chan said, “We believe that together with Ecove we will give Sydney a building of international significance that does justice to its world-class location and maximises the stunning 280-degree views.”

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