Chinese investors in the market

The first stage of 124 apartments in the $550 million Promenade project, on the Parramatta River, east of the Parramatta CBD. sold out in two days to mainly Chinese investors.

Construction of the first stage is expected to commence in June, and Starryland, the Australia subsidiary of the Chinese developer, Fuxing Hulyu expects construction to commence in June.

Promenade, designed by architect William Smart, will comprise 774 high-end apartments in 11 towers, ranging from two to 12 storeys,

Promenade will also allocate 1.2-hectares to landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better. It has all the facilities of a modern city and is well served by public transport and motorways,”” said Mr Hao Liu, the director, of Starryland Australia.