ECO WORLD International Bhd (EcoWorld International) has topped out its maiden property development in Australia, the A$315 million West Village project in Parramatta, located in Sydney’s growth corridor.
The developer, which once bid for Sydney's White Bay Power Station project, said that it has sold 95 per cent of West Village.
Touted to be one of the tallest residential buildings in Parramatta, West Village will feature 398 luxury light-filled apartments with grand balconies, priced from A$630,000 (one-bedder) to over A$1.26 million (three-bedder).
EcoWorld International celebrated the topping out of West Village with an intimate onsite ceremony, attended by the group's executive vice chairman Tan Sri Liew Kee Sin, it's president and CEO Datuk Teow Leong Seng, and the mayor of Parramatta, Lord Mayor Bob Dwyer.
The developer said in a statement on Tuesday that buyers were eager to capitalise on the project's enviable location to Westfield Parramatta shopping centre and the train station, as well as a wide selection of trendy restaurants, bars and boutiques cafes.
On the ground floor across three street frontages, West Village will feature vibrant retail and intimate alfresco dining precinct with delectable restaurants and cafes.
Designed by world-class architecture firm Woods Bagot and featuring landscaping by Myles Baldwin, a majority of the apartments will boast panoramic views towards the Sydney Harbour Bridge, Blue Mountains and the Central Business District (CBD).
At 40-levels high, West Village is one of only a handful of skyscrapers proposed for the growth corridor to reach its full height.
When completed in 2020, West Village will sit alongside already completed skyscrapers including Altitude, Skyrise and the soon to be complete 4 Parramatta Square.
EcoWorld International Australia’s chief executive officer Yap Foo Leong said that the developer has always held the view that Parramatta would be the next growth area for Sydney due to its central geographical location in New South Wales and its excellent infrastructure and amenities.
As Sydney’s second CBD, Parramatta is undergoing significant transformation with major infrastructure projects and development to cater to employment opportunities and a growing population.
"Parramatta truly suits our hallmark for rolling out quality developments in prime locations that can cater to the local needs of the residents, and the success West Village has experienced confirms the prediction that Parramatta is set to become the new CBD," said Yap.
EcoWorld International, whose major shareholders are Eco World Development Group Bhd and Singapore-listed GuocoLand Ltd, has three projects in Australia and 11 in the United Kingdom with total gross development values of AUD698 million and GBP3.9 billion respectively.
The group's entry into Australia began in 2015 with the launch of West Village. It is also developing Yarra One in Melbourne’s charming South Yarra neighbourhood. Yarra One is under construction and will top out in February 2020.
Over in the UK, the EcoWorld-Ballymore joint-venture is currently developing three prime waterside residential projects in London.
In 2018, EcoWorld London was launched giving EcoWorld an immediate presence in the highly resilient UK mid-mainstream market and the fast-growing Build-to-Rent sub-sector.