The PAYCE developed Vivid apartments at South Village, Kirrawee, has bucked the softening Sydney property trend, selling out in just one month.
The 63 apartments were sold just in time for the opening of the retail precinct which includes 27 speciality shops and an Aldi and Coles supermarkets.
The apartments sold included 11 one bed, 47 two-bed and five three bed.
Prices ranged from $584,000 for a one-bed to $995,000 for a three bed.
Boston Marketing Director Rhys Morgan said the apartments were attractive to buyers given the premier position on the north-eastern location of the site.
“The apartments have panoramic views in all directions across the Sutherland Shire, including the greenery of the Royal National Park, the blue water of Botany Bay and of the CBD skyline,” he said.
South Village includes 779 apartments, high quality retail, a park and community facilities.
Vivid was constructed by project partner Deicorp along with the other buildings on the site.
The 4.25-hectare site is bordered in part by the Princes Highway, Oak Road and Flora Street.
The South Village site was formerly one of the many brickworks scattered across Sydney.
Mr Morgan said the site location was also attractive to buyers, with Kirrawee Railway Station just 150 metres away and some of the best beaches and national parkland close-by.
“Property data shows that residential developments located near or above high quality retail like South Village provide a superior return on investment,” he said.
“There has been a lot of media about the property downturn but Vivid shows that well-priced, quality apartments in the right location are selling.”
PAYCE also developed the award winning East Village at Zetland just south of the Sydney CBD.
PAYCE Director Dominic Sullivan said South Village was a great example of urban renewal.
“Purchasers are not just buying an apartment but a way of life which includes a retail precinct with great shopping, cafes and restaurants,” he said.
“We have been very pleased with the great wider community support for the shopping centre at South Village following its opening last month.”