Stamp duty handout expiry helps sell out first stage of V development in Parramatta

The impending end of off-the-plan stamp duty concessions for NSW property investors has helped the Crown Group sell out all apartments in stage one of its V tower in Parramatta.

From July 1 investors and non-first-home buyers will get a $5,000 grant from the NSW government for off-the-plan purchase under $650,000, compared with a maximum of $22,490 under the current arrangement for purchases under $600,000.

The $300 million “vertical village” was officially launched over the weekend with a display suite opening.

The project has been selling for the past few months, with construction of the 27-storey tower – set to be Parramatta’s tallest building – beginning in April.

Fairfax Media reported the sell-out of stage one and a rush to buy over the weekend. The developer has now moved onto selling stage two apartments.

Property Observer was told in April that 86 apartments had already been sold in the project. No current sales tally has been provided today.

It was launched in Singapore on April 19.

The building will feature 466 luxury apartments, a resort-style hotel with pool, gym and conference facilities, as well as office and retail space and is due for completion in 2014.

The project features 50 studios (from 40 square metres) priced from $350,000; 70 one-bed-plus study apartments (from 50 square metres) from $399,000; 260 two-bedroom apartments, which include two studies, (from 80 square metres) from $500,000; and 50 three-bedroom units (from 100 square metres) from $600,000.

The tower was designed by architects Allen Jack + Cottier, with interior spaces designed by Japanese/Australian architect Koichi Takada.

The design includes modern aluminium-clad curtain walling, concealed balconies and a glazed exterior that mirrors the energy of the city’s commercial district below.

Gardens located on three levels provide pockets of retreat and a rooftop garden offers views of Parramatta and its surrounds.

Crown group chief executive Iwan Sunito says the development will provide a world-class urban lifestyle in Parramatta.

V by Crown is located in the heart of Parramatta’s city centre, close to Church Street’s eateries and Westfield shopping centre, rail and ferry connections, as well as Parramatta Heritage Parklands.