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Frasers Property Australia part of consortium to develop mixed tenure community in Sydney
A CONSORTIUM consisting of developer Frasers Property Australia, Citta Property Group and community housing provider Mission Australia Housing, has been appointed by the New South Wales (NSW) government to develop a new mixed tenure community in Sydney's Macquarie Park, with an estimated end value of A$2.2 billion (S$2.36 billion).
The project will redevelop and transform its 8.2 hectare Ivanhoe estate in Macquarie Park, under a project development agreement.
Frasers Property Australia, a unit of Frasers Centrepoint Limited, and Citta Property Group will provide design and delivery expertise in the project.
The redevelopment of the Ivanhoe estate will integrate private housing with at least 950 new social housing dwellings and 128 affordable homes. The project will also integrate a new high school, residential aged care facility with a seniors' wellness centre, two childcare centres, a supermarket, cafés and specialty retail shops, jogging track, nature based playgrounds and exercise stations, basketball court, open green spaces and community gardens.
Rod Fehring, chief executive officer of Frasers Property Australia, said Ivanhoe will blend best practice urban design, iconic architecture and world leading sustainability to transform the former social housing estate into a "world-class residential neighbourhood".
He said: "With a focus on design and a holistic approach to environmental and social sustainability, the redevelopment of the Ivanhoe estate will be a flagship project for NSW, demonstrating how the government and private sectors can work together to deliver necessary social and affordable housing by taking a true long-term community view."
The consortium aims for the Ivanhoe community to be carbon neutral in operation.
The development will incorporate a 1.5 megawatt photovoltaic system, green roofs, and will capture and re-use water. There will also be a focus on use of recycled materials and waste minimisation through construction.
An integrated infrastructure solution with solar PV to reduce electricity peak demands, high efficiency centralised hot water, smart metering technology and minimised use of on-site gas will deliver reduced utility costs to residents.