98 per cent of new Sydney development sold on launch weekend

Only three apartments remain for sale after a prominent Sydney development launched over the weekend. 

Mirvac has reported that 98 per cent of apartments in its ‘Ovo’ development at Green Square have been secured over the first weekend of sales.

The developer said that 221 of the 224 apartments offered for sale were secured by buyers during the buy-in launch event, with three-bedroom apartments the only stock remaining. 

Potential buyers needed to make an initial $5,000 deposit in order to secure an appointment with a Mirvac sales consultant on the launch weekend. 

During this appointment buyers were able to ask further questions concerning the development before entering into a sale agreement.   

‘Ovo’, marketed as a premium apartment development, is set to become the tallest tower in the town centre of Green Square. 

Consisting of 224 apartments, the development will be located at the northern end of Green Square Town Centre.

John Carfi, Mirvac group executive, residential, described the strong sales turnout as a testament to the building’s design and location. 

“Benefiting from world-class design, an abundance of amenity on its doorstep including strong transport links for commuters, as well as Mirvac’s reputation for high quality apartments, it is evident why this new landmark building sold out so quickly and captured the attention of young professionals and families,” said Mr Carfi.  

The development was announced by Mirvac in partnership with UrbanGrowth NSW, the government body tasked with overseeing Green Square’s growth as a new employment and residential hub in the inner city. 

David Pitchford, Urban Growth NSW chief executive described interest in Green Square as an endorsement of the lifestyle offered by the urban transformation scheme.

“It is a great example of what urban transformation can offer and it shows that there is a strong appetite for homes, jobs, entertainment and leisure close to public transport and the CBD, that relieves pressure on the environment and the societal toll that long commuting entails,” Mr Pitchford said. 

Buyers on the weekend had a choice of six open-plan one-bedroom apartments, 46 one-bedroom apartments, 152 two-bedroom apartments, and 20 three-bedroom apartments.

Mirvac is one of several developers with buildings scheduled for construction in Green Square. 

Partnered with Urban Growth it forms the Green Square Consortium, the company having previously purchased Leighton’s 50 per cent stake in the consortium.  

Mirvac’s development director, Paolo Razza, said the launch of ‘Ovo’ had been brought forward following higher than expected buyer demand for other Green Square projects. 

“Due to the successful sellout of Green Square’s first two buildings, Ebsworth and No. 8 Ebsworth, we have fast-tracked the launch of Ovo, and if last November and December is anything to go by, we are anticipating an enthusiastic reception from the market,” Mr Razza said. 

Mirvac expects construction to commence in the second half of 2015, with an anticipated completion date in early 2018. 

98 per cent of new Sydney development sold on launch weekend
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