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.
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