One pioneering local developer has started construction on a project to let first home buyers into the market, instead of pricing them out.
Local developer, Positive Investment Enterprise will today celebrate the start of construction of its landmark $450 million Kew Schofields residential project in the heart of Sydney’s growing north-west, approximately 50 kilometres from the Sydney CBD.
Blacktown City Council Acting Deputy Mayor Cr Brad Bunting will join Positive’s CEO Ali Mohammed and appointed construction contractor, Alpine Projects at a ground-breaking ceremony on site at 23-27 Schofields Road, which is part of the revitalised Schofields Town Centre.
The ground-breaking comes on the back of the project achieving strong sales results with more than 80 percent of all apartments released to date now sold, and stage two of apartments to be released to market in late August.
One of the largest projects in the local area, Kew Schofields comprises 650 apartments across six residential towers, each standing five storeys in height.
The developer received DA approval from the Blacktown City Council in December 2017. The approval also includes retail space, common areas such as outdoor dining and BBQs and community facilities.
The launch of Stage 2: prime first home buyer opportunity
CBRE Sales Director Alex Walker said Stage 2 at Kew Schofields represents an excellent opportunity for first home buyers who have been carefully saving deposits to get into the Sydney property market and take advantage of tens of thousands of dollars in government grants and stamp duty concessions while these incentives apply.
“First home buyers can currently save $34,000 when purchasing a one or even two bedroom apartment priced at under $600,000 in New South Wales,” Mr Walker said.
“Approximately 80 percent of the product at Kew Schofields is sub-$600,000 – representing attainable product and a prime opportunity for first home buyers wanting to enter the highly active and healthy Sydney property market.
“With population growth, record low interest rates and a stable economy, Sydney is widely known as one of the safest markets in which to invest in property.
“With attainable product within Stage 2 at Kew Schofields, first home buyers as well as families looking to upgrade to a premium apartment, should enquire now.”
Kew Schofields spearheads the north-west’s transformation
The start of construction of Kew Schofields marks a significant day for the local Schofields/Rouse Hill communities as one of the larger and more significant projects to get underway as part of a wider revitalisation of the area.
Schofields has been identified as a Planned Precinct by the NSW Government – a future hub for people to live and work, located on four major train lines and therefore providing opportunity for new homes to be built close to public transport.
The Schofields Town Centre and train station is on the North Shore, Northern, Western and Cumberland train lines. It also has access to frequent bus services to nearby Blacktown and Rouse Hill. It takes about 25 mins to reach the Parramatta CBD by train from Schofields, making it highly suitable for the location of new homes and services.
Kew Schofields is the first major project to be part of that revitalisation which is a great opportunity for buyers to take advantage of the early stages of major infrastructure projects being delivered.
CBRE Residential Projects will soon launch stage 2 at Kew Schofields comprising 135 one, two and three bedroom apartments with prices starting from $445,000 for a one bedroom plus study plus car space, $540,000 for a two bedroom and $710,000 for a three bedroom apartment.
Generously sized apartments will offer views of the adjacent lush green suburbs and districts, including west to the Blue Mountains.
CBRE’s Alex Walker added, already we have seen a lot of local first home buyers and young families who have grown up in north west, now work in Parramatta and nearby business parks and are looking to build a future in the north west.
“The major infrastructure projects currently underway are also a massive drawcard for investors looking for product with strong capital growth prospects.”
A close collaboration with local the Council
Positive Investment Enterprise CEO Ali Mohammed said since acquiring the site, Positive has worked closely with Blacktown City Council to ensure that the development is delivered to the highest standards and will best meet the future needs of the Schofields community.
“We will continue to work closely with the Blacktown City Council to determine the final aspects to the project as we share Council’s ambitions in maintaining an excellent standard for the future generations of Sydney’s growing north-west,” Mr Mohammed said.
“Through the delivery of Kew Schofields, our vision is to contribute to the long-term revitalisation and urbanisation of Schofields as one of Sydney’s key growth suburbs.”
Located within the North West Growth Area, Schofields Town Centre is a strategic centre connected to existing public transport, including the T1 Western and Cumberland train lines and bus services to the Blacktown and Parramatta CBDs. It is also close to the proposed transport corridor extension from the Sydney Metro Northwest at Cudgegong Road Station to Marsden Park, enabling a future transport interchange including bus and rail.
The NSW Government together with Council will prepare a masterplan for the Precinct to identify potential land uses and opportunities for new homes and jobs. Schofields Road is an important corridor linking the centres of Rouse Hill and Marsden Park via Richmond Road.
Alpine Projects appointed construction contractor
Mr Mohammed also confirmed that Positive Investment Enterprise had appointed its construction contract to Alpine Projects to deliver Kew Schofields, due for completion in late 2019/early 2020.
“Positive Investment Enterprise has appointed Alpine Projects based on the company’s strong track record in delivering complex, multi-staged residential developments. Positive has been working closely with Alpine in the excavation/land preparation phase of the project for the past several months. We are now commencing construction on the development,” Mr Mohammed said.
“Alpine Projects has a well-established reputation in the Australian market. We’ve worked very closely and harmoniously with Alpine on their build schedules to give further confidence to buyers that Kew Schofields will be delivered on time and on budget.”
Alpine Projects CEO Sam Maugeri said we are delighted to be partnering with Positive Investment Enterprise and to be part of the development of Sydney’s growing north-west.
“We look forward to building a close and long-term working relationship with the Positive Investment Enterprise team. We share a similar mindset in our enthusiasm for being methodical and ensuring that even the finer details of the project will be delivered to the highest standards,” Mr Maugeri said.