Sydney’s apartments back on song as city tower kicks off

Artists’ impression of Deicorp’s planned Hyde Metropolitan project overlooking Hyde Park in Sydney. Photo: Supplied

Sydney’s high-rise apartment market is shrugging off concerns about interest rates, with a major local player stepping up plans for a luxury city tower and offshore players advancing.

In the city, Sydney developer Deicorp is set to kick off work on a luxury apartment tower later this month, after it secured final planning approval for its 55-level Hyde Metropolitan project overlooking Hyde Park.

Designed by the leading Sydney architectural firm Candalepas Associates, the tower will have 168 luxury apartments and a six-level podium comprising retail, commercial and residential communal areas.

“Deicorp is delighted to have been given the final go-ahead from the City of Sydney’s Central Sydney planning committee to deliver this truly spectacular apartment building,” Deicorp founder Fouad Deiri said of the tower on the corner of Liverpool and Castlereagh streets.

Artists impression of Deicorp’s planned Hyde Metropolitan project overlooking Hyde Park in Sydney. Photo: Supplied

“The Hyde Metropolitan will be one of the Sydney CBD’s landmark residential towers, located on the edge of the historic Hyde Park and emerging Tech Central precincts.”

A design process managed by the City of Sydney chose Candalepas Associates as architect for the project, with the design taking full advantage of the sweeping CBD and harbour views. It includes four levels of A-grade office space, ground floor retail, a courtyard garden with trees and a communal floor for residents, which will include gymnasium, day spa and pool.

The building will include one, two and three-bedroom apartments, which will sport 2.9m ceilings and full height glazing. Upper-level residences will have their own foyer and lift access, and the ground level will house a high-end restaurant and bar.

Foreign groups have also been active in different segments of the market. Malaysian group S P Setia Bhd has forged into the Sydney market, swooping on a site at 20 Atchison St in north shore suburb St Leonards in a $73.3m deal.

In 2020, the previous developer, China Venture, had proposed to build a new park in Crows Nest if a skyscraper was approved on the site. The planned building had 266 apartments, shops and office space, and 130 carparks.

But sources said the proposal for a building with eight levels of basement parking, four office levels, communal space on podium floors and 40 levels of units was not approved.

S P Setia intends to undertake a luxury apartment project, also with office and retail elements, with the project having an expected end value of $236m.

S P Setia president Datuk Choong Kai Wai said the acquisition was an “exciting and strategic move” adding to its local holdings where it has completed projects including Fulton Lane, Parque, Uno and Sapphire by the Gardens in Melbourne.

Japanese group Daiwa House is understood to have looked at the project but was deterred by the need for planning approval. But another Japanese group, Sekisui House, has now sold more than 1000 apartments at its massive urban renewal precinct Melrose Park North.