Deicorp launches $310m tower at Rhodes

Sydney developer Deicorp is expanding its footprint in Sydney’s busy inner west with a proposed landmark $310 million mixed-use tower with architecture firm Fender Katsalidis getting the green light as the designer.

Located at Rhodes, the skyscraper includes 213 apartments, a three-storey basement and 3782 square metres of retail and commercial space. It adds to Deicorp’s pipeline of projects in the area that include Melrose Central in Melrose Park and the Cosmopolitan in Parramatta.

It comes as the housing market is under facing low supply issues for higher-density buildings with proximity to transport, suburban retail and social amenities, but with a quick ride into the city.

The 32-storey project, located on the corner of Marquet and Mary Streets, will have pedestrian access to the Rhodes Central retail precinct and Rhodes train station, reflecting Deicorp’s focus on transport-connected developments.

We’ve been encouraged by strong growth in purchaser inquiries and sales since the start of the year.

Deicorp chairman Fouad Deiri OAM

With 3200 apartments under construction and another 2200 set to commence in the next 12 months, Deicorp chair Fouad Deiri OAM said the business remains confident the Sydney housing market will continue to see “strong demand and sales moving forward”.

“We’ve been encouraged by strong growth in purchaser inquiries and sales since the start of the year. We believe the fundamentals of property in Sydney remain positive, and that any housing we can build will find willing owners,” Deiri said.

While the listed developers of Stockland, Mirvac and Lendlease have reported a slowdown in settlements due to the rising interest rates, they all maintain that momentum is still there for a range of apartments, house and land package and medium-density master planned communities.

Deicorp is a specialist Sydney construction and development company that has been operating for more than two decades. It is delivering about 3000 apartments in key Sydney locations and has delivered projects in more than 40 Sydney suburbs.