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The Residence secures $19.9m in sales
Released 14 February 2011

The top end of the Sydney apartment market is continuing to fire, with contracts exchanged on three apartments in The Residence overlooking Hyde Park in deals totaling $19.9 million.    

The luxury CBD tower is being developed by Parmada in a venture with AMP Capital Investors, Galileo Group and Cbus Property.

CBRE Residential Projects is marketing the $350 million College Street project which is due to be completed by the end of this year. The 24-level Scott Carver designed building will incorporate 87, five-star apartments with views across Hyde Park, the Opera House, St Mary’s Cathedral and Sydney Harbour.

CBRE Projects Director Ben Stewart said over 70 per cent of the apartments had been sold prior to the recent launch of the Empire Collection involving the project’s larger, premium style apartments.

“There has been continued interest in The Residence predominantly due to the fact that it attracts owner occupiers,” Stewart said.
“One of the key factors is that each apartment enjoys a great deal of privacy with only one or two other apartments on the same floor. This exclusivity is very attractive to buyers who are owner occupiers.”

Recent sales include Apartment 81 which has been sold for $6,725,000 to a buyer from Bellevue Hill. Contracts on Apartment 78 have been exchanged for $6,675,000 while Apartment 79 has sold for $6,475,000 to a buyer from Milsons Point.

“We’re finding the North East facing Apartments are selling very well,” Stewart said.

“The size of the apartments, the views and the quality of the finishes has been a real selling point as has the fact that is an owner occupier building.”