- ALAND's new precinct, The Gladstone Village, is to be released next month
- Currently has development approval for 365 apartments across three buildings
- Despite widespread shortages of labour and resources, ALAND said it can meet its pipeline
With a shortage of stock expected to increase apartment prices across the next two years, a leading development group is arguing buyers and investors may be better off purchasing off the plan now to secure a property.
ALAND has made the claim as the first stage of its new $800 million master-planned precinct in the Merrylands, called The Gladstone Village, is set to be released next month.
The 2.5 hectare site, located adjacent to the Merrylands train station, currently has development approval for 365 apartments across three buildings. Construction is expected to start this May.
Shortage of new apartments across Sydney
The site was acquired in December 2021 and is one of the last remaining pockets along Sydney’s railway network to be developed.
George Tadrosse, ALAND chief executive officer, said factors such as planning delays, material and labour shortages have resulted in a shortage of new apartments.
Additionally, buyers priced out of the housing market are seeking more affordable properties, adding pressure to the supply of apartments.
“There are all these compounding factors influencing the property market at the moment but ALAND is in a good position to deliver the majority of stock in Western Sydney,” he said.
“Merrylands is also an attractive suburb to investors because it is only a short distance to Parramatta CBD.
It is the first development of its kind in the suburb and within close proximity to Stocklands Merrylands and the train station and bus terminal.”
George Tadroosse, ALAND CEO
The DA-approved first release offers studio, one-, two- and three-bedroom apartments with two rooftop areas, a pool and ground floor communal space. It will also home four levels of basement parking and 2400sqm of retail/commercial space.
“The Merrylands suburb is an undervalued pocket in comparison to its surrounds – which is a huge opportunity for buyers” added Mr Tadrosse.
The remainder of the development is set to undergo additional planning with current controls currently allowing for a mix of retail, residential and commercial assets surrounding 5000sqm of internal parkland and open space totalling 6000sqm.
ALAND has over 1,200 dwellings under construction at any time, with a strong market share across the western corridor.
Despite ongoing supply chain issues, ALAND has managed to secure enough stock, material and labour to maintain optimal efficiency to meet their pipeline demand.