New Miranda apartments qualify for stamp duty cuts which start on July 1

Artist's impression of Verdana. Picture: supplied
Artist's impression of Verdana. Picture: supplied

First home buyers could rush a new apartment development at Miranda when off-the-plan sales start at the end of June.

A third of the 66 apartments in the Verdana project will be priced within the threshold for new stamp duty concessions, which start on July 1.

Artist's impression of Verdana. Picture: supplied

Artist's impression of Verdana. Picture: supplied

As part of the state government's housing affordability package, no stamp duty will be payable by first home buyers of existing and new homes priced up to $650,000.

Discounts will apply beyond $650,000 on a sliding scale up to $800,000.

McGrath Projects associate director Dennis Vertzayias said there had been strong pre-sales interest in Verdana, which will be built in University Road, in the new high-rise precinct.

Mr Vertzayias said the “boutique” development of 66 units included 15 one-bedroom units, some with studies and courtyard gardens.

“They will be priced within the $650,000 threshold to obtain the maximum stamp duty concession,” he said.

”Many of the 25 two-bedroom units, priced between $750,000 and $850,000, will be eligible for some concession if bought by first home buyers.”

Mr Vertzayias said the remaining apartments included 24 premium two bedroom units, with two car spaces, priced between $850,000 and $925,000.

“There is one three-bedroom unit on the top floor, which has not been priced yet, but we expect it will be around $1.5 or $1.6 million,” he said.

Mr Vertzayias said “the big point of difference between Verdana and a lot of others in the precinct is it’s quite small”.

”It has two separate building forms, with seven floors on the Kingsway and five floors on University Road.

“The front building, on the Kingsway, has beautiful views to the north, and will have triple thickness, 10mm, high performance glazing to fully sound proof it from the traffic.

“The second building, facing University Road, has a completely separate lift and entry and a 300 square metre rooftop entertainment area.”

Mr Vertzayias said Verdana was the first project undertaken in Sydney by BRDB, ”a high-end developer out of Malaysia, with more than 53 years experience in projects internationally”.