AMP Capital happy with Sydney property play
AMP Capital has this week confirmed that the first stage of its residential development at Wentworth Point in Sydney has been completed and fully sold — five months ahead of schedule — in what represents a good outcome for investors.
AMP Capital's Select Property Portfolio No. 3 holds a 25 per cent interest in the project alongside joint venture partners Billbergia Pty Ltd and a separate account client of AMP Capital.
Commenting on the outcome, AMP Capital select property portfolio fund manager Warwick Petschack said the strong sales result and early completion represented an excellent outcome.
He claimed the fact the first stage of 285 apartments had completely sold out proved there was high demand for affordable, quality apartments in a central location in Sydney's greater metropolitan area.
The completion of Stage One has now enabled work to commence on Stage Two ahead of the construction program. Stage Two is now expected to be completed in late 2014 and comprises 252 units with 114 already pre-sold.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
