High achieving Chinese developer belated push into Sydney takes the Water Board site

Jonathan ChancellorMarch 10, 2013

The Chinese developer Greenland Group has secured Sydney’s tallest apartment tower project after it bought the Sydney Water Board site from Brookfield Asset Management for a reported $100 million.

The Canadian company paid just over $140 million for the old Water Board site in 2007 securing approval for the $200 million development 

The site occupies half a city block with three street frontages in the emerging residential precinct at 115 Bathurst Street, which has stage one development approval for more than 400 apartments over 60 levels, and 11 basement levels of car parking.

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The tower’s height of 240 metres would just pip Meriton Apartments’ 230?-metre World Tower.

The acquisition reportedly through CBRE agent David Milton included the heritage-listed former Sydney Water Board building at 339 Pitt Street which The Australian Financial Review speculates could become a $75 million hotel as Greenland owns and operates a substantial network in China and Europe.

Greenland is one of Shanghai’s largest state-owned enterprises with projects in about 65 mainland cities.

It focuses on extra-high landmark buildings, including three listed as the top 10 highest worldwide.

Melbourne has been the preferred place for the bulk of Chinese developer interest with consultant Kevin Stanley writing on Property Observer that the Chinese component of the offshore developer trend in Australia comprises 17 projects of the 58 presently monitored.

"Interestingly, of these Chinese-backed projects, 74% by apartment numbers are in Melbourne," he wrote.

For more on the allure of Australian property to Asian buyers, download our free eBook. The eBook is also available for free download in Chinese.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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