Chinese-backed developer Aqualand has diversified into house and land development with the acquisition of a development approved 12.5-hectare residential parcel at 64 Mackillop Drive, Baulkham Hills, in Sydney's north-west for the religious group, the Sisters of St Joseph.
The price of the purchase was close to $90 million, sources have indicated.
The investment in this property is a deviation from Aqualand's usual staple of luxury developments in inner-city Sydney – notably the REVY apartment project in Pyrmont, which has a $16 million penthouse – but not an unusual move for Sydney developers, which are steering towards medium-density development following the close of the apartment boom.
"Large-scale residential community opportunities are rare in Sydney, so we jumped on this sought-after site," Aqualand managing director Jin Lin said.
"Since we began operations in March 2014, the focus for Aqualand has been on elegant residential projects in the most desirable inner-city locations. So, we are excited by this opportunity to broaden our footprint to a rapidly growing and evolving suburb like Baulkham Hills."
JLL's Sam Brewer and David Mathews sold the Baulkham Hills site to Aqualand but were not available for comment.
Aqualand is not the only developer to make a move on Baulkham Hills or the north-western Sydney suburbs.
Since the construction of the $8 billion Sydney Metro project commenced two years ago, the north-west market exploded, attracting developers such as Sekisui House, Dyldam, Toplace and Metro Award Property.
Even church group Hillsong and nominated developer Capital Corporation have weighed in on apartment development in Norwest.
When the Metro line is completed in 2019, there will be eight new Metro stations and residential precincts on a 22-kilometre corridor.
Aqualand's site is 700 metres from the future Norwest Metro station and next to the Norwest business park.
It is 36 kilometres from the CBD and was approved for 146 detached homes and townhouses before the NSW government launched the medium-density fast-track approval program.
There will be 71 large lots – 779 square metres on average – for houses and about 75 medium-density lots between 240sq m and 400sq m for townhouses and attached homes.
Work on the site will start late this year.
