MARKET City Properties expects to sell about 40 per cent of the flats in its A$350 million (about HK$1.93 billion) Market City project in Sydney soon and says interest in the commercial and retail space has been strong.
Speaking at the signing of a $110 million loan facility for Market City Properties Pty, director Paul Bush said work was going well on the project, in Sydney's Darling Harbour.
Market City Properties is associated with Kerry Holdings and is part of the Kuok Group.
Sales of the 361 flats in the complex had been very satisfactory despite the soft market, with 35 per cent sold and a further five per cent expected before the end of next month, Mr Bush said.
'It is confidently expected that the whole project, which is estimated to have a completion value of $350 million, will be successfully finished on schedule and within cost estimates before the end of 1996,' Mr Bush told lenders to the project. The Market City project comprises the Peak, a 45-storey residential tower and 185,072 square feet of lettable retail and commercial space.
The Peak, Sydney's first fully integrated residential and retail complex, is sited in Paddy's Market, a Sydney landmark, which the Kuok Group bought in January last year from Japanese property group Kajima.
