Sydney-based developer Landmark Group has on sold a residential development site in Waterloo to Stanley Xue for $39.5m.
The property at 219 Botany Rd was acquired by Landmark for around $40m in 2017 from Chinese-backed developer Maville Group.
Whilst Maville sold the property in 2017 with a valid Stage 1 development approval, Landmark sought to amend the approval as part of a Stage 2 application to include 51 one-bedroom apartments, 69 two-bedroom apartments and 19 three-bedroom apartments along with two separate retail tenancies spread across a part six-storey and part seven-storey building. The DA amendment was refused by the Land & Environment Court in July 2019.
Records show that an entity associated with Stanley Xue exchanged contracts to acquire the property in December 2019 with settlement completed in mid May 2020. Stanley Xue, formerly known as Sit Shing Ho, was recently associated with the acquisition of 211 Northumberland Street Liverpool for $52.5m.
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