According to The Australian Financial Review, Japanese-backed home builder Sekisui House has finalised the acquisition of an 8.1-hectare site next to the Castle Hill Country Club in Baulkham Hills in Sydney's northwest for $210 million.
As foreshadowed by The Australian Financial Review in February, Sekisui bought the land from property developer Tony Merhi to develop it into a masterplanned mixed-use residential community with 1300 apartments.
Apartment building heights up to 36 metres are being considered by the NSW Department of Planning.
The site at 47 Spurway Drive is in the Norwest Business Park, one of Sydney's biggest business parks alongside Macquarie Park.
It is also 500 metres from the future Norwest metro station due to complete in 2019. The $8.3 billion Sydney Metro Northwest will drive a population boom in the area for the next two decades and the reason Sekisui House recognises Sydney's northwest and west as growth areas.
"The acquisition of this exceptional development land marks the start of a new era for Baulkham Hills and Norwest," Sekisui House Australia chief executive Toru Abe said.
"As the construction of the North West Rail Link continues at pace, we intend to create a masterplanned community set within beautifully landscaped gardens and natural forest.
Sekisui House has many projects in Sydney including the Central Park development in the CBD with Frasers Property.
Starwood will open a new five-star, $100 million Westin hotel at Coolum on the Sunshine Coast by 2021 as part of a $1 billion mixed-use development planned by Japanese real estate giant Sekisui House.
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