Off-the-plan sales head further south with Galileo's Palisade, Miranda result

Galileo Funds' $165 million apartment project Palisade at Miranda in Sydney's south was launched at the weekend. 

But the overall sales rate reflected the reduced demand and increased caution arising from over supply headlines with just 65 per cent of the 197 apartments finding buyers.

They were priced between $580,000 to $1.5 million on Saturday. 

Australian developer Galileo Group advised the launch of their long awaited residential project Palisade Miranda was met with "great success." 

CBRE Chairman Justin Brown even described the response as "overwhelming." 

But gone are the days of the 100 percent Saturday morning sellouts. CRBE had recently advised a 70 percent sales result on launch was the new norm.  

Palisade is an eight-storey, resort-style development designed by KANNFINCH and UP Architects, with luxury amenities including a 20-metre pool, lush landscaping, outdoor daybeds, private gym and poolside clubhouse for residents to use as a function space.

There's interiors by Neil Bradford Design. 

Paul Marshall, of Galileo, says Miranda has had limited new development over the past decade. 

"This, coupled with the refurbishment of Westfield, has created strong demand from local purchasers," he suggested prior to the weekend launch. 

Existing residents of Sutherland Shire were Palisade's primary target market with its proximity 200 metres from Westfield Miranda and about one kilometre from Miranda station. 

Prices at the University Road, Miranda project start at one beds, 53-57 square metres, $580,000 to $700,000; two beds, 80-92 square metres, $795,000 to $1.05 million; three beds, 101-123 square metres, $1.09 million to $1.5 million.

It is due for completion early 2019.