A whopping sum of $5.9 million has been forked by real estate developer Sunland Group for acquiring a prime site for residential development in west Brisbane. The developer is planning to come up with a luxurious housing estate worth $30 million on this site. The site covering 2.29 ha is located at 34-38 Kirkdale Road in the greenery laced Chapel Hill and has been allocated for this boutique development with approval to be obtained for 33 detached homes in total.
The total sale makes up the highest price paid in the suburb for any residential site ever since $3.6 million was paid for a home located on Tristania Road across 4685 sqm. The project is also expected to be the first of its kind in Chapel Hill according to market observers. The Managing Director at Sunland, Sahba Abedian, stated that the project will offer 3 and 4 bedroom homes to buyers. He added that this deal is in sync with the Group’s vision of identifying prime sites in coveted and high-growth zones with access to ample amenities.
He talked of catering to the occupier-owner markets with this new project and also added that the project will come with premium amenities, quality finishing and other aspects which are desired by buyers in this segment. Close to 1 ha of this site will be allocated open and abundantly green spaces along the edge of the brook. The site is located in close proximity to the Mt Coot-Tha Reserve, Chapel Hill State School, Western Freeway and the Kenmore shopping centres.
The real estate market in the area majorly has families as customers however several people are currently cashing in on the upsizing trend and also the lower rates of interest. Sundland is expecting construction to start on this project in the first half of 2018 and deliveries have been slotted for the second half of 2019.
The Sunland Group has several other projects in Brisbane including the premium Abian residential tower located in the CBD which started its settlements in June, 2017.