Deicorp teams up with Metrics for $1.88 billion Kings Bay Village, Five Dock masterplan
The delivery of one of Sydney’s most significant urban renewal projects has taken a major step forward, with Metrics Credit Partners (Metrics) and leading developer Deicorp announcing a joint venture on the $1.8 billion Kings Bay Village development in Five Dock.
The State Significant Development, known as Kings Bay Village, will transform underutilised land into a vibrant new mixed-use precinct comprising 1,185 new homes — including 218 affordable dwellings for essential workers — along with 6,500 sqm of public open space, and 14,700 sqm of retail and commercial offerings.
Early works are due to commence in September following settlement of the three-hectare site at 129-154 Parramatta Road and will take approximately 40 months to complete.
Metrics has now partnered with Deicorp on 12 Sydney-based projects including in Castle Hill, Rouse Hill, Petersham and Rockdale.
Metrics CEO and Managing Partner Andrew Lockhart said the company is proud to support more housing and infrastructure in a key Sydney corridor.
“Metrics and Deicorp share a proven track record of delivering high-impact projects that align closely with State and Federal Government housing and infrastructure priorities. Kings Bay Village marks our most significant Sydney development to date, offering quality homes, essential infrastructure, and dynamic public spaces.”
Lockhart said the project reflects their ongoing commitment to creating value by supporting economic growth, job creation, and delivering excellent outcomes for their investors.
Deicorp Chairman Fouad Deiri OAM said the joint venture with Metrics reflected a shared commitment to delivering thoughtfully designed housing and infrastructure outcomes in high-demand locations.
“This partnership brings together two organisations with deep experience and a common vision — to deliver housing where it’s needed most, supported by infrastructure, public space and long-term value for the community.
“We are grateful to have Kings Bay Village endorsed as a State Significant Development and acknowledge the important planning reforms in New South Wales that have made this project possible,” he said.
Positioned just minutes from the future Five Dock Metro Station, Kings Bay Village is the first major urban renewal project supporting the NSW Government and City of Canada Bay Council’s bold vision for the Parramatta Road Corridor and will contribute more than 23 per cent of the Council’s 2029 housing target of 5,000 new homes.
In addition, Deicorp is committing more than $80 million to fund upgrades to local infrastructure, including more than $10 million in public domain works, delivering new pedestrian laneways, an activated streetscape, and a 2,290 sqm landscaped park and civic plaza — designed to become the social heart of the community.
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey
