JQZ's off-the-plan project in Kogarah draws first home buyers
JQZ’s mixed-use development on the 3.3 hectare, former Darrell Lea factory site in Sydney’s Kogarah has drawn interest from first home buyers, according to the Sydney-based developer.
JQZ said it expects the trend of local purchasers accounting for the majority of sales and enquiries at Ramsgate Park will continue, with the addition of another local buyer demographic – downsizers.
The Ramsgate Park sales team has also been fieldingenquiry from local empty nesters looking to divest larger houses they no longer require, said founder and CEO of JQZ, Jian Qiu Zhang.
“Many of the locals we’ve met since we launched Ramsgate Park late last year have not only expressed their love for the area and its community, but quite a high proportion of them also actually grew up and attended school in the area, before deciding as adults that they didn’t want to leave,” he said.
He added that spacious apartment interiors and proximity to the beach had attracted first home buyers in particular.
The development comes in configurations of one, two and three bedrooms in addition to terrace homes.
One bedroom units with car space start at $520,000 at the development, while two-bedroom apartments range from $705,000 to $895,000.
The site at 152-206 Rocky Point Road spans nearly 3.3 hectares with 152 Rocky Point Road selling for more than $41.8 million last November, according to CoreLogic RP Data.
The median unit price in Kogarah is around $630,000, according to realestate.com.au.
The factory site was previously used by the chocolate-maker Darrell Lea.
Colliers International’s Ian Bennett, who is leading the sales and marketing campaign for Ramsgate Park, said buyer feedback in the area also extends to those becoming increasingly ‘auction-weary’ due to the toll that this highly competitive process often takes on buyers.
“It is becoming more and more appealing for purchasers to reclaim their time, money and efforts, as well as stave off the ongoing disappointment, by taking charge as buyers and opting to buy off-the-plan apartments by reputable developers with projects in the areas where they want to live,” he said.
“By doing so, they can better plan for their home in terms of budgeting for a deposit, organising their finance and staying on target.”
Kogarah has increased in popularity amongst buyers in recent years on the back of upgrades to its town centre, which now spans more than 6,485 sqm and is anchored by Woolworths and Aldi, while also offering 18 specialty stores as well as a tavern.
Designed by PTW Architects with interiors by Turner Architects, Ramsgate Park will comprise about 530 apartments across four residential buildings and will include 20 terrace homes, each with their own private gardens.
The display suite is at 168 Rocky Point Road, Kogarah, designed by Turner + Associates.
The site is close to schools, St George Hospital, a Westfield shopping centre and local shops.
Construction for Ramsgate Park is expected to commence in Q3 2017 by JQZ’s own in-house construction arm.
More information can be at www.jqz.com.au.
The group recently sold (below) more Macquarie Park apartments.
