Ascot is preparing for major developments.
International Developer Poly has purchased its first Brisbane Site for $36.5m
Developer Poly Australia has secured its first acquisition in Queensland, a 6.2-hectare corner site in Ascot, Brisbane for $36.5 million.
The project will be Poly Australia’s first development outside of NSW and Victoria since the international developer arrived in Australia in early 2015.
Since launching in Australia four years ago, Poly has built up a $2 billion pipeline of Australian projects, focused on the long-term fundamentals of strong population growth in cities like Melbourne and Sydney.
In the midst of a housing correction and a major reduction in bank funding the Chinese-backed developer is bucking the trend in Australia with plans to grow its pipeline of east coast residential and office projects regardless of the softer market.
The site on the corner of Lamington and Mordant Streets, about 7 kilometres from the Brisbane CBD, is bounded by the Southern Cross Way and the Doomben racecourse.
The Shanghai-listed subsidiary of Poly Global, with over 91,000 employees globally and total real estate assets in excess of $141 billion, has recently established a new office in the Brisbane CBD and hiring a team for its Queensland operations.
“This is just the next step in our growth as a company,” Poly Queensland chief representative Xiaowei Xue said.
“We are very excited to enter this market and our team can’t wait to begin to build a presence and deliver quality developments across Brisbane and beyond.”
The 62,090sq m site has obtained a number of approved development applications from Brisbane City Council within the past decade, with the most recent encompassing 20 “super lots” for residential projects including townhouses and apartments, a public park and stormwater drainage system.
The site, within the “emerging community” under the Brisbane City Plan 2014, is located just 350 metres from Doomben Train Station, with Doomben Racecourse to the north, and is in close proximity to Eagle Farm Racecourse, Racecourse Retail Village.
One of Brisbane’s main arterials to the area, Kingsford Smith Drive, is being upgraded by Brisbane City Council 500 metres from the development site.