Luxury australia for less

UK developer Laing O'Rourke, one of the UK's largest privately owned construction companies, is currently building luxurious homes in Australia, which they claim are priced at 30per cent below those of other beachfront residences in the region...

The idea of owning an Australia property near the beach, yet close to the buzz of central Sydney, has long appealed to Britons, but has generally been out of reach for most people.

The development, called Latitude 33º, is a boutique selection of 26 interior-designed two and three-bedroom apartments, currently being developed at Manly Beach, one of Australia's most famous beach-side suburbs.

Despite the current economic downturn, buying property in Australia is set to be a solid investment.

According to BIS Shrapnel's Residential Property Prospects, 2009 to 2012 report, the Sydney property market will show strong price growth of up to 19 per cent over the next three years.

Demand for the scheme, which is located within 100 metres of sand beaches and a 15-minute ferry ride to the heart of Sydney, is proving extremely popular with phase one sold-out within the first eight weeks of launch.

Laing O'Rourke Australia Managing Director Matthew Furrer said the company would not only develop the complex but would also use its construction expertise to build the apartments.

"Latitude 33º is a high-end development and all aspects including design, construction and interior design, will be of the highest standard," Mr Furrer said. "This is a development we are very proud of and that will be a testament to the quality of construction for which we are renowned."

The complex comprises two modern pavilions - the Denison and Whistler Pavilions - with the design complimenting the art deco elegance of the 1919 Camelot façade.

Latitude 33º will include a mixture of garden, beachside and penthouse apartments, which have an internal floor space of between 904 square feet and 1517 square feet.

They range in price from £650,000 to £985,000, which is on average 30 per cent lower than new beach-front apartments.

Construction will begin later this year and the complex is due for completion by December 2010.

Source: www.homesoverseas.co.uk/news