AMP Capital has announced the early completion and sale of the first stage of a Sydney development.
Money Management reported that the company's Select Property Portfolio No 3 holds a 25 per cent stake in the Wentworth Point development, alongside Billbergia Pty Limited and an account client.
The site's properties have been completed and sold five months ahead of schedule, providing good outcomes for real estate investors. There were 285 apartments constructed as part of the phase.
AMP Capital selector property portfolio fund manager Warwich Petschack said the outcome was "excellent". Mr Petschack said the quick sales of the apartments demonstrated high demand for affordable property in the Sydney area. Stage two work has now begun, which will see a further 252 units built, of which 114 have been pre-sold.
An investment research firm recently revealed that almost half of real estate investment in the Asia Pacific region is directed to Australian projects.
Posted by Craig Francis