Topping out ceremony atop 14-level Crest building at Woolooware Bay

Construction workers have celebrated a major milestone in stage three of the Sharks development.

A topping out ceremony was held atop the 14-level Crest apartment building.

Topping out - or reaching the highest structural point of a building - is marked by placing a tree on the roof.

The ceremony was also attended by other representatives of builder Parkview and developer Capital Bluestone, which is now part of Aoyuan International.

Stage three is the last component of the Woolooware Bay Town Centre development on the western side of PointsBet Stadium (Shark Park).

It includes 238 apartments across three buildings - Links, Crest and Pier, as well as nine terrace homes, three commercial office suites and ground floor retail space that is earmarked for a corner store.

Capital Bluestone managing director Ben Fairfax said the milestone meant the construction program for the western precinct was almost complete.

Mr Fairfax said Parkview had "set an excellent pace" after starting work in 2014.

More than 800 residents had already moved in.

"We have a very active, connected and friendly residential neighbourhood at Woolooware Bay," he said.

"There's a lot of anticipation about seeing stage three finished, with new neighbours and access to even more fantastic facilities like the rooftop pool area with private residents lounge."

Prices for stage three apartments range from $650,000 to $710,000 for one-bedroom, $795,000 to $950,000 for two-bedroom and three-bedroom terraces start at $1.79 million.

For a limited time, stage three buyers are being offered a deal which means their strata levies, water bills, council rates, electricity and gas bills will be covered for the first 18 months.

Woolooware Bay Town Centre started as a joint venture between Capital Bluestone and the Cronulla Sharks Leagues Club in 2011.

Early this year, the club agreed to sell its remaining interest to Capital Bluestone for $40 million.

Following the deal, Capital Bluestone announced it had become part of global development firm Aoyuan International.

Stage four of the development, on the eastern side of the football stadium, is scheduled to start towards the end of this year.

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It will include more apartment blocks, Bay Central shopping centre, anchored by Woolworths, Dan Murphy's and Aldi, a 71-key hotel / serviced apartments component and a remodelled leagues club.

A new foreshore park will be constructed in partnership with the Touched By Olivia Foundation.

On completion, the development will have 898 apartments.