Property developer, Level 33 this week started construction of the $175 million Kogarah Central residential project at 71-97 Regent Street which will include a $1.25 million penthouse.
The Kogarah Central project will consist of 233 apartments across two 11-storey buildings with a mix of studio apartments, one-bedroom apartments, two-bedroom apartments and three-bedroom apartments.
The project will include six two-bedroom penthouses priced from $835,000 to $915,000 and one three-bedroom penthouse for $1.25 million.
New studios will be priced from $460,000, one-bedroom apartments from $550,000, two-bedroom apartments from $700,000 and three-bedroom apartments from $1,120,000
A limited collection of two-storey 'townhomes' are also available which the developer said are a unique property style in the Kogarah area.
The project replaces a row of 15 homes on the southern side of Regent Street which Level 33 acquired over a 24-month period for $37 million.
Construction started on Monday, November 4.
Level 33's Eddy Haddad said, "Start of construction marks a significant milestone for the Kogarah Central project which is set to contribute to the revitalisation of Kogarah.
"With five residential projects underway in the St George district, Level 33 is committed to the long-term growth and development of the local area and has invested significantly in the future of Kogarah and surrounding areas," he said.
Level 33 currently has a development pipeline of more than $1 billion, with approximately 450 apartments under development in the southern Sydney region.
Other projects currently on sale are located in Blakehurst, Wolli Creek and Miranda. It is also selling a 100-apartment project SKYE in Wollongong's CBD.
Kogarah Central is located close to Kogarah Public Primary School as well as Kogarah High School and within 400m of Kogarah Train Station and town centre earmarked for revitalisation by the Georges River Council.
"Kogarah Central will transform the streetscape with its stunning designer developments symbolising a new property era, beautifying and modernising the area where the fast disappearing 50's weatherboards currently line the street," the project's marketing material states.
"Kogarah Central's design boasts two architecturally crafted buildings, with a rooftop sky garden with relaxation zones, overlooking Botany Bay and the CBD skyline."
Sales Director at St Trinity Property Group real estate group, Will Wehbe said more than 100 of the apartments for sale are priced at under $650,000 and therefore require no stamp duty with buyers only requiring a 10 per cent deposit to secure an apartment.
"The project represents an excellent opportunity for first home buyers who have been carefully saving deposits to get into the Sydney property market and take advantage of tens of thousands of dollars in government grants and stamp duty concessions while these incentives apply," Mr Wehbe said.
"Due to the attractive price points, we have seen a strong response from the market particularly from first home buyers and owner-occupiers."
Kogarah Central is scheduled for completion in late 2021.