The Biggest Eastgardens Real Estate Development In History
Eastgardens is all set to get a swanky new residential and shopping hub, if Meriton Apartments succeed to manifest its three billion dollar mixed development project in the area. For three years now, Meriton Group has been acquiring a plot sized 16.8 hectares, the erstwhile site of British American Tobacco Australia.
As recently as April this year, Meriton Group agreed to a price of $90 million for 6 hectares of land that stands along Bunnerong Road. According to the plans put forth by Meriton Apartments, the mixed development project would host a shopping center, more than 2300 residential units with a possibility of having many more, possibly more than 3000 homes as per initial estimates, an 8000 sq m park and it would have a public road and a childcare facility.
The eastern suburb of Sydney, Eastgardens is conveniently just 9 km from the central business district. But it has very little of distinction till now. The area is primarily known for Westfield Eastgardens, the only and quite prominent shopping center. Its neighbor and the relatively more populous suburb of Pagewood is better known. But, all that is about to change!
This development is not only the biggest and the costliest in the history of Eastgarden real estate but it is going to change the landscape, the surrounding cityscape and it would have a direct bearing on lifestyles, livelihood and the overall real estate scenario of the state.
Experts have been equating the real estate boom in Sydney with the pre recession bubble. While no one anticipates another recession anytime soon, many experts are indeed predicting that this real estate bubble or the skyrocketing prices in Sydney and its suburbs will come crashing down or at least get deflated to an extent.
Would the Meriton Group’s ambitious project have a positive bearing on that? Not really, because it is only going to inflate the price further. Billionaire developer and founder of Meriton, Harry Triguboff has gone on record to say that the project will stabilize prices because there is no scope for further inflation of properties in and around Sydney. He has also stressed on the need of such developments around Sydney to accommodate the growing population, influx of tourists and foreign students. While that is true and there has to be more housing options with public and civic amenities, the inevitable impact on the real estate prices is certainly not a pleasant development.
There’s already a crisis in the suburbs and an increasingly worrisome divide between the prosperous and the average families living in and around Sydney. Should the real estate industry become more bullish, the landmark project in Eastgardens may become elusive for many!
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