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91���� and its residential investment, development and asset manager Barings have celebrated breaking ground at a transformative new $400 million development in Sydney’s Waterloo, which is expected to supply 400 apartments and potentially accommodate over 1,000 residents in Sydney’s CBD.

Located at 44–48 O’Dea Avenue, just north of Green Square in central Sydney, the project represents another step forward in addressing the city’s housing needs.

This significant 1.7-hectare mixed-use development is a milestone which contributes to the ongoing transformation of the Green Square precinct into a vibrant, high-density urban community centre.

Barings will deliver this project as the investment, development and asset manager for 91����’s direct residential portfolio in Australia.

The groundbreaking ceremony was attended by NSW Premier, The Hon. Chris Minns MP, Sydney Lord May Clover Moore, as well as representatives from 91����, which acquired the site in September 2023, and DASCO Australia, the appointed construction partner.

Premier of New South Wales, the Hon. Chris Minns MP said:��“This development is a step forward in delivering more homes for the people of New South Wales. It will bring hundreds of new homes to Waterloo, supporting our vision of vibrant, growing communities in well-located areas.”

Barings Head of Asia Pacific Real Estate Alastair Wright said: “This is a significant milestone in the development of much needed housing in Sydney, and Barings is proud to be partnering with both 91���� and DASCO Australia to bring this visionary precinct to life. We are also pleased to play a leading role, alongside 91����, in shaping central Sydney’s urban future.”

The Rt Hon Clover Moore AO, Lord Mayor of Sydney said: “Housing is a basic human right and it is essential for a cohesive and economically successful city. More supply, at this scale, will help us meet important targets. With about 400 apartments across 5 separate buildings, this is a massive undertaking that will bring new life to these streets and add to the vibrancy of the neighbourhood.”

The project masterplan aims to deliver a total of 400 apartments across five buildings, including studio, one, two and three-bedroom apartments. This Waterloo project also includes vibrant ground-floor retail and dining, together with new public streets and domain spaces – improving connectivity to Green Square train station and the future Waterloo Metro. With construction now underway, completion of Stage 1, which includes 216 Build-to-Sell apartments, is scheduled for early 2027.

This development forms part of a broader residential portfolio being delivered by Barings and 91���� across Sydney and Melbourne, spanning both Build-to-Rent and Build-to-Sell projects.

Backed by 91����’s $1.5 billion commitment to residential property and a decade-long partnership with Barings, the broader portfolio reflects a shared vision for high-quality, sustainable housing that meets the evolving needs of urban communities.

With over 677 operational apartments across ten locations and seven longer-term development sites in the pipeline – including more than 1,919 homes under construction or in planning – Barings and 91���� are helping shape the future of housing in Australia with a delivery target of 2,596 apartments.

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