first_imgThe Sylvan at Toowong is powering through the sales just weeks after its soft launch to market, proving Toowong is a suburb where unit oversupply is of no concern.CONSTRUCTION is set to start later this year on a new major apartment project in Toowong after strong sales just weeks after its market debut.Despite the continued swirl of negative chatter in the apartment sector, The Sylvan, a $45 million parkside development has secured 15 apartment sales, paving the way for developer WINIM Funds Management to start construction this year.The developers spokesman Gus Kuiters said WINIMFM had been diligent in its approach to undertaking The Sylvan, typically targeting quality metropolitan locations close to public transport, education, retail, employment hubs and key public amenities.“Toowong is one of those rare suburbs in Brisbane that connects all those dots,” Mr Kuiters said.“There’s a great deal of discussion these days about apartment supply, but this discussion fails to take into account that Brisbane, like many metropolitan centres, is not a single market. “It has diverse pockets of opportunity, some of which have their own unique reasons for attracting buyers.” The Sylvan at ToowongA report by property researcher Urbis showed that future State Government population growth estimates were about half the level of actual growth over the past 10 years, leading to what it sees as a significant shortfall in development planning for the suburb over the next two decades.Government figures estimate the population of the Toowong catchment will increase by 7200 over the next 20 years, but Urbis estimates the increase will be more than 18,800.The Urbis report also revealed that new apartments in Toowong were attracting a rental premium of up to 40 per cent over existing apartment stock.“Relative affordability and a shift toward urban living have been driving investor and owner-occupier demand in Brisbane’s inner suburbs,” said Urbis.WINIMFM is headed by Justin Kuiters and Josh Leahy, who between them have 36 years’ property experience and have led the development of more than $7 billion in mixed-use property assets including $800 million World Square and $800 million Top Ryde City in Sydney.WINIM’s focus has been on the east coast of Australia in recent years with several projects currently under development in Brisbane, Sydney and Melbourne, including the $80 million repositioning of Top Ryde City, the $40 million East Lane project in North Sydney and masterplanning of the $350 million Gateway Shopping Centre. The Sylvan at ToowongThe Sylvan represents the fund manager’s first major residential foray into Brisbane. The project is expected to be delivered to the market in 2018.Mr Kuiters said The Sylvan was appealing to a broad range of buyers, although strong interest was expected from the owner-occupier market.More from newsMould, age, not enough to stop 17 bidders fighting for this home6 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor6 hours ago“We’ve done a great deal of research into Toowong and population growth is driving demand for this style of development,” Mr Kuiters said.“This has been borne out through the early buyer interest in The Sylvan which offers more than just a place to live.” The project, at 58 Sylvan Road, Toowong, will comprise 117 apartments of one, two and three bedrooms, starting at $410,000, that will feature open-plan designs and premium fit-outs. The apartments are expected to tap into demand for luxurious and spacious medium-density living in the inner-city.Mr Kuiters said research showed Toowong’s population would continue to grow faster than forecast, driving demand for housing.last_img

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