Pagewood pace to be hastened
The Meriton group is hastening the start of the third stage of its giant Pagewood Green community in Sydney’s eastern suburbs in the wake of strong demand from people living in the area and nearby suburbs.
Meriton, led by veteran developer Harry Triguboff, has gained development approval for the master-planned community’s new stage, Dahlia.
The approval comes as Meriton is on track to complete the four towers that make up Pagewood Green’s initial stage, Allium, by May.
Stage two, Marigold, is under way and completion is expected by August.
It will have 202 apartments, all to be retained as rental properties by Meriton, in towers of between six and 16 levels.
Mr Triguboff yesterday said that construction of new stage Dahlia’s 167 spacious apartments would start promptly.
“We want to stay ahead of demand,” he said.
“The market dynamics have changed thanks to new taxes and tighter lending criteria for developers, which further support the notion that Sydney is heading for under-supply.
“We only launched Pagewood Green a year ago and already apartments worth more than $300 million have sold, many of them to nearby existing residents.
“Pagewood people love what we are producing – it’s given them an exciting choice when they are downsizing as many of the apartments offer house-like proportions.
“Our decision to go for bigger apartments – many with three or four bedrooms – has hit a very receptive chord with families.”
Mr Triguboff said renters were lining up for apartments in Allium, where settlements would start in March.
“Pagewood Green will give them the complete package, with landscaped podium gardens, views to the ocean and a major shopping centre right next door.”
Pagewood Green is the biggest project undertaken by Meriton since Mr Triguboff founded the group in the 1960s.
It is rising on a 16.5ha site, previously home to British American Tobacco and Holden operations, for $232 million in 2013.
Meriton describes Pagewood Green, which adjoins the Westfield Eastgardens centre and overlooks a championship golf course, as a face-changing one for Pagewood.
It is expected to take a decade to complete with nearly two hectares of parkland, tree-lined boulevards, a civic square for alfresco dining and its very own village-like shopping precinct which will include a major super market.
A design competition was run for new Pagewood Green stage Dahlia, with Nettleton Tribe coming up trumps.
Dahlia will comprise buildings of up to eight storeys, along with a childcare centre.
First stage Allium involves 487 apartments in towers of between 16 and 20 levels.
The bulk of Alliums apartments have sold, achieving prices from $740,000 for one-bedroom units through to $1.7 million for three-bedroom properties.
A four-bedroom penthouse apartment on the top floor with a total area of 273sqm, including a rooftop terrace, set an apartment price record in Pagewood after it sold for $3.15 million.