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Construction Update – Elena

Elena continues to hit its milestones:  Milestones:  -Render and architectural details to the façade are 60% complete with scaffolding being removed on the northern façade. Due to remove all scaffolding by early July.  -Permanent power with the substation now live.  -We are preparing install storages cages in the basement.  -Internal fit out of the apartments […]

Elena continues to hit its milestones: 

Milestones: 

-Render and architectural details to the façade are 60% complete with scaffolding being removed on the northern façade. Due to remove all scaffolding by early July. 

-Permanent power with the substation now live. 

-We are preparing install storages cages in the basement. 

-Internal fit out of the apartments is progressing well with front doors installed to level 1 units and only minor fittings still to be installed. 

-Initial clean has commenced. 

-All windows and glazing have been installed. 

-Stage 1 of the new cul-de-sac works has been completed. 

-Commencement of sites stormwater works and preparing for civil works.

Works planned on site for the next quarter of 2021: 

-Completion of civil works 

-Completion of internal fit out 

-Completion of podium landscape/pool and common areas 

-Completion of façade works

Click the link below for more info and to view our construction timeline and 360 degree views.

https://hyecorp.sites.firstvue.com.au/elena-42db/fv-timeline/

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Construction Update – Kira

Kira continues to progress well. We have completed all the buildings structural work and are now in progress with internal fit out works to the apartments as well as external civil and infrastructure works.  We have completed the sewer connection and are looking to complete the water main extension works in the next 2 months. […]

Kira continues to progress well.


We have completed all the buildings structural work and are now in progress with internal fit out works to the apartments as well as external civil and infrastructure works.  We have completed the sewer connection and are looking to complete the water main extension works in the next 2 months.

We have commenced works on the façade of the building and preparing to commence the rooftop garden works.


Tiling and joinery have commenced.

Works planned on site for the next quarter of 2021:

-Fit out progression

-Infrastructure works (water/ stormwater, civil)

-Façade architectural details

Click the link below for more info and to view our construction timeline and 360 degree views.

https://hyecorp.sites.firstvue.com.au/kira-9c27/fv-timeline/

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HAVE A HAND IN HOME DESIGN

The Following is an Excerpt from the Original Article: “North Shore Times”, Have a hand in home design. Lane Cove’s newest apartment development has been well received, with almost half of the first release sold out, three weeks after off-the-plan sales started. Construction of Elena Lane Cove, at 11-17 Willandra St, is due to start […]

The Following is an Excerpt from the Original Article: “North Shore Times”, Have a hand in home design.

Lane Cove’s newest apartment development has been well received, with almost half of the first release sold out, three weeks after off-the-plan sales started. Construction of Elena Lane Cove, at 11-17 Willandra St, is due to start in the second quarter of next year, with completion due in early 2021.

Prolific local developer the Hyecorp Property Group is taking a different approach to its off-the-plan sales strategy, offering buyers an opportunity to customise their homes. Off-the-plan buying has traditionally allowed buyers to choose fittings and fixtures, but the company has expanded this opportunity to include more detailed customisation – from adding an outdoor kitchen to the courtyard to amalgamating apartments to create one large home. Hyecorp’s managing director Stephen Abolakian said all planning and design was done in house. “We offer up to five (free) hours of interior design where buyers have the chance to modify floor plans and totally upspec their apartment,” he said.

The seven-level Elena Lane Cove will comprise 106 apartments, ranging in size from 60sqm to 206sqm. Shared facilities include a pool, gym, cinema, and cafe, Prices for studios start at $620,000, one-bedders from $670,000, two-bedders from $725,000, and three-bedders from $1,175,000. There are also some four-bedders available.

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NEW OFF-THE-PLAN APARTMENT STRATEGIES WIN BACK BUYERS

The Following is an Excerpt from the Original Article: “Financial Review”, New off-the-plan strategies win back buyers. Sarah Vine, a primary school teacher and keen punter, is defying the odds by using off-the-plan property purchases to climb the property ladder. Ms Vine recently purchased her third off-the-plan (OTP) apartment despite warnings that many investors are […]

The Following is an Excerpt from the Original Article: “Financial Review”, New off-the-plan strategies win back buyers.

Sarah Vine, a primary school teacher and keen punter, is defying the odds by using off-the-plan property purchases to climb the property ladder.

Ms Vine recently purchased her third off-the-plan (OTP) apartment despite warnings that many investors are facing losses, typically from poorly built high rises with flammable cladding.

“It’s all about timing and quality,” says Vine, whose buy-sell strategy has enabled her to move from a $360,000 townhouse in Mount Martha, which is on the outskirts of metropolitan Melbourne, about 80 kilometres south east of the central business district, to a luxury $750,000 inner-suburban townhouse.

OTP involves signing a contract to buy an apartment that is yet to be built. Locking into an apartment under construction enables buyers to ride gains from a rising market, or losses from falls.

Property developers claim they are injecting life into OTP strategies through low-rise, high-end luxury projects rather than high-rise apartments, particularly for owner-occupier downsizers.

Fortis Development Group said about 70 per cent of buyers in a low-rise development in Malvern, a leafy Melbourne suburb about 12 kilometres south-east of Melbourne, paid cash for apartments ranging in value from $750,000 to $2 million. It claims about 150 people attended an open day despite the properties having already been sold.

Patrick Baldock, associate director, said there was strong demand from downsizing owner-occupier baby boomers seeking conveniently located, luxury, low maintenance, three to four-storey apartments.

Buyers often use the period between purchase and construction to sell the family home.

Other developers, such as Hyecorp Property Group, are also targeting similar buyers by allowing them to customise apartments, or buy and merge adjoining apartments.

Julie De Bondt-Barker, a founding director of Property Home Base, a buyers’ agency, says “there are a lot of baby boomers and huge variation in what they want”.

Ms Bondt-Barker says: “They still want autonomy and many are terrified about corporate bodies and shared public liability. They want high quality construction, design and fixtures and a view.”

Many OTP properties were hit by the recent market downturn, over-supply of high rises and bad publicity about construction problems.

Analysis by BIS Oxford Economics earlier this year found two out of three Melbourne apartments sold off-the-plan during the past eight years have made no price gains, or have lost money upon resale.

In Brisbane, about half are selling at a loss, or no profit, over the same period, while for Sydney it is about one in four since 2015, the analysis reveals.

Developers responded by boosting commissions for agents and buyer incentives, such as free luxury fixtures, in a bid to clear the backlog.

An investor in the southern hemisphere’s tallest tower, Australia 108, on Melbourne’s Southbank, is facing a 25 per cent loss on an apartment purchased for $972,000 in 2015, according to a recent AFR report. It measures about 60 square metres and is on the 64th floor of the 100-storey skyscraper.

Amid falling valuations, buyers have walked away or defaulted on more than 100 completed OTPs, according to the report.

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