Malaysian developer BRDB buys Miranda apartment site
A development-approved site in Sydney’s Miranda has been snapped up by Malaysian-based developer BRDB for $12.8 million.
Located at 1-3 University Road, 668A, 668 and 670 Kingsway, Miranda, the north-facing property has a gross floor area of 5,744 sqm.
It is DA-approved for 66 residential apartments.
Knight Frank managed the sale on behalf of a private family.
According to Knight Frank’s Director, Residential Site Sales, NSW Tim Holtsbaum the purchaser had a strong preference for the Sutherland Shire, given its strong fundamentals and location.
Knight Frank’s Head of Asian Markets, Dominic Ong, said Malaysian buyers have traditionally been very active in Melbourne – but this sale could indicate a shift
"Sydney has mostly received interest from China and Singapore in terms of Asian investment.
"However, we anticipate this could change."
The north-facing site features 2,872 sqm and is DA-approved large town-home-style ground-floor apartments with garden terraces and upper floors enjoying view towards Cronulla and Sydney’s North.
The apartment mix is approved for 27 percent one-bedroom apartments, 71 percent of two-bedroom apartments and 2 percent three-bedroom apartments.