Ultimo project Trieste could appeal to sub-$600,000 buyers before June 30 government grant deadline

Sixteen months in the planning, Ultimo project Trieste is the latest inner-city apartment block to hit the market, possibly just in time for last-minute purchasers to buy a property under $600,000 before the government’s stamp duty exemption ends on July 30.

The eight-storey, 124-apartment complex will include a mix of one-, two- and three-bedroom apartments, with one-bedroom units starting from $455,000. Under the NSW government’s home builders’ bonus, buyers will pay no stamp duty on properties purchased before June 30 this year. It is open to owner-occupiers and investors.

The development will launch to VIPs the weekend of June 16 and is within walking distance of Chinatown, Sydney CBD and Darling Harbour. Developer EDG Capital is encouraging residents to walk or bike, as the development will have just 35 car spaces.

The project is being marketed by Savills agents Nigel Napoli and Peter Coulton.

Savills expects that buyers will embrace its new project, even though those at the more affordable end of the market will have just a few weeks to make up their minds in order to secure the government’s bonus.

“The project team has spent the past 12 months meticulously planning every detail of the building and interiors to ensure that Trieste is truly a world-class project,” says Coulton. “We are excited about the upcoming launch and with the level of demand for this location.

“Trieste is set to be our most successful launch this year.”

Many of the larger apartments will have “postcard views” of Sydney CBD, Savills says.

The developer bought the 1,515-square-metre site, which included a commercial building, in early 2011 for $16.75 million.

The project has been designed by Candalepas Associates to allow for maximum light and air flow and to capitalise on “postcard views of Sydney CBD”.