Three-hundred new homes will now start construction sooner in two Sydney suburbs, supported by a $1bn scheme from the NSW Government.
The state government’s Pre-sale Finance Guarantee has supported two apartment developments in Pyrmont and Westmead, helping developers Landream and Gaby secure construction finance and start building.
Landream’s Pyrmont Place will start construction sooner thanks to the state government guarantee. Picture: Supplied
The guarantee will support 38 of the 280 new apartments to be built as part of the $900m Pyrmont Place project on Wattle St, Pyrmont, as well as 13 of 30 new apartments offered by the Elodie development on Westmead’s Good St.
Pyrmont Place is described as a “mixed-use neighbourhood”, which will coincide with the state government’s wider urban renewal plans for Blackwattle Bay.
In Westmead, the Elodie complex will provide housing and childcare facilities on the doorstep of the area’s emerging health precinct.
Six affordable homes in the complex will be supported by the Pre-sale Finance Guarantee.
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Gaby’s Elodie complex on Good St, Westmead will also be supported to start construction sooner. Picture: Supplied
Since launching last October, the guarantee has accelerated the delivery of more than 540 new homes, according to the state government.
Under the program, the state government can commit to buying up to 50 per cent of homes in a residential development project off the plan, valued at up to $2m each.
Up to $1bn in pre-sales will be committed through the revolving fund over the next five years.
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NSW Treasurer Daniel Mookhey. Picture: NewsWire / Nikki Short
NSW treasurer Daniel Mookhey said the state government were “pulling every lever” to support the delivery of new homes.
“As demand for this program grows, we’re on track to support more building projects that create homes and economic opportunity right across NSW,” he said.
Minister for planning and public spaces Paul Scully said NSW needed new homes sooner.
“The Pre-sale Finance Guarantee is breaking down barriers and fast-tracking the start of construction for hundreds of much-needed homes for our communities,” he said.
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