Harry Triguboff spends further $90 million on Pagewood highrise site
Has Harry Triguboff called the top of the Sydney apartment market?
The Australian property editor Turi Condon suggests so.
“I don’t think (Sydney apartment) prices will rise very much now. New stock is coming on,” Triguboff said.
Meriton builds about 3,000 units a year in Sydney and south-east Queensland, but this figure will ramp up on the back of recent purchases.
Meriton has recently spent $340 million on Sydney sites — $250 million for Goodman Group’s Sydney Olympic Park parcel, and yesterday, $90 million for the six hectare balance of British American Tobacco’s Pagewood property.
Condon says there's one more big undisclosed Sydney acquisition likely.
However, Triguboff told The Australian the wave of new development under way would begin tempering what has been raging price growth for Sydney apartments.
After the next site buy, Triguboff says it will take something special to tempt him into buying mode again.
It was 2013 when he spent $145 million for the initial land parcel in Pagewood where Meriton initially planned to build 2,000 units.
It now envisages developing a $3 billion masterplanned community comprising more than 3000 apartments after securing the last of British American Tobacco Australia’s Pagewood manufacturing site.
“It is very seldom that a site of this size is not surrounded by industrial estates,” Triguboff said.
“We have full confidence in developing these huge sites in Mascot, Homebush, the city and now Pagewood. We believe that more people will settle in central Sydney, and we have to take into account growth in foreign students, workers and tourists as well as natural growth and the settlement of migrants.”
The development is to be called Pagewood Green.
