FRASERS Property Australia and its joint-venture partner, Sekisui House Australia, have been given the green light for their A$520 million (S$524 million) DUO, a two-tower, mixed-use project in the A$2 billion Central Park development in Sydney.
The residential component of DUO will see 313 residential apartments, with a mix of one-bedroom suites, one-bedroom and study apartments, two-bedroom apartments as well as three-bedroom dual-key apartments in the eastern tower.
A limited range of 48 residential apartments located in the western tower will be DUO's premium offering, DUO Limited.
DUO will also include a 300-room hotel, ground-floor retail, 5,500 square metres of commercial space, a large childcare centre and the refurbished Australian Hotel.
A$520 million is the estimated end value of DUO, comprising A$350 million in residential apartments, a A$120 million 300-room hotel and A$50 million in retail, commercial and child care uses.
Central Park's project director, Mick Caddey, said: "Receiving development approval for DUO is an important milestone for the joint venture team and we are delighted that the next significant stage of Central Park is on track. This brings the completion of this fantastic Central Park development into the near horizon."
DUO is set to be launched to the market in late November with registrations of interest are currently being taken.