[COM] 114 Waymouth Street | 78m | 26lvl | Wingfold Tower

[Norman]

I think the goal is double the population it was in 2005 or something like that.

[EBG]

While officially construction started last Wednesday with Jay and the owners playing in the dirt with their spades nothing has actually happened yet in real life. Jay's heap of dirt is still sitting in the middle of the block.

[Ben]

Walked past this morning and about 20 guys on site.

[ghs]

Drove past today and as I expected nothing has happened at all on site.

That launch they had a couple of weeks ago when they said construction has started
was the biggest heap of rubbish ever.

[Norman]

There were some trucks there today and the ground has been carved up

[Smithy85]

That's 2 weekends in a row with plenty of people working on this one.. Didn't catch much of what was going on today, but last weekend seemed mostly out on the street - hooking up water etc to the site I assume.

[mshagg]

I walk past there daily and there's blokes on site most mornings. No idea what they're doing but SWP seems appropriate.

[EBG]

No real work yet on this site. The mini excavator is just parked there. Picture taken 28 Apr 2015

[Will]

From the Datong website:

Note the discrepancy between the approved height of 73m, and the height quoted in the article of 78.6m

Construction of U2 on Waymouth development in Adelaide has started

Construction has commenced on one of Adelaide’s largest and most innovative city apartment developments, Datong Australia’s U2 on Waymouth.

The 25-story, 78.6 metres tall building on Waymouth Street will offer 257 apartments ranging from studio-sized to spacious three-bedroom penthouse apartments. A sales centre has already been established on the site at 116 Waymouth Street.
These apartments also present a unique and interesting investment opportunity for buyers and investors. Apartments can be purchased under ‘Dual Key’ title, allowing the buyer to purchase two adjoining apartments under one title. Buyers have the option of renting out the adjoining apartment or conversely, taking advantage of the secure interconnecting door by converting the studio into a two-bedroom apartment, offering additional privacy between living and bedroom spaces.
Datong Australia Chairman Jin Liang said that the ‘Dual Key’ option, which explains the inclusion of ‘U2’ in the building name, will be of interest to a broad range of astute property buyers.
“It is ideal for first-home buyers, students, co-mortgagees seeking individual homes, owner- occupiers seeking an investment property, or business travellers,” commented Mr Liang. “It is also an attractive proposition for parents of international students as it will enhance Adelaide’s attractiveness as an education destination.”
Mr Liang said that U2 on Waymouth will offer residents inner-city living in what is arguably the most dynamic quadrant of the city.
“U2 on Waymouth is perfectly positioned in the middle of the city, offering easy access to the Central Markets and China Town but also the university, hospital, Adelaide Oval and all of the enticements of the inner city,” said Mr Liang.
“Adelaide’s CBD is becoming a world-class city setting. This is a very exciting time to be in Adelaide as one significant investment seems to encourage another. We are delighted to be a part of it.”
MORE
U2 on Waymouth offers versatile apartment designs in which some of the fittings, such as beds and desks, can be folded away to suit the resident’s needs.
The one-bedroom and two-bedroom apartments are referred to as 1+ and 2+ as they include a separate space which can be used as a study, office or children’s play zone. The three-bedroom apartments are spacious and offer western, northern and southern views of the city.
The jewel in the crown of U2 on Waymouth’s is ‘Utopia,’ the largest and highest open-air entertaining space in Adelaide. Utopia is the building’s rooftop communal social area and contains indoor and outdoor lounges, a fitness studio, spa, sauna, garden, barbecue area and even an open- air rooftop cinema.
U2 on Waymouth was designed by Adelaide-based JPE Design Studio and will completed by the end of 2017.

[ghs]

Unfortunately there won't be anything happening at all for the next 6 months at least. They don't
have the sales yet to proceed.

[Norman]

Unfortunately there won't be anything happening at all for the next 6 months at least. They don't
have the sales yet to proceed.

Why can't it be a speculative development?

[ghs]

Unfortunately there won't be anything happening at all for the next 6 months at least. They don't
have the sales yet to proceed.

Why can't it be a speculative development?

Too much risk, Datong could go broke if they proceeded without having the sales.

[Norman]

Unfortunately there won't be anything happening at all for the next 6 months at least. They don't
have the sales yet to proceed.

Why can't it be a speculative development?

Too much risk, Datong could go broke if they proceeded without having the sales.

What if they have strong Chinese backing? What if they have enough sales to satisfy their investors?

[UrbanSG]

Must be strong Chinese interest in this one as expected:

U2 Adelaide CBD project hauls in $25m in sales in one day

RICHARD EVANS COMMERCIAL PROPERTY
The Advertiser
May 05, 2015 10:39AM

CITY living in Adelaide is about to take a significant upturn after an extraordinary sales launch of Adelaide’s newest city apartment development last Saturday.

One hundred and seven apartments, of 257 available at the U2 development on Waymouth St, were sold at the launch, which attracted 300 pre-registered buyers to Adelaide’s Intercontinental hotel.

South Australian property developer, Datong Australia, which is behind the construction of the 25-storey building, said Saturday sales of the one, two and three bedroom apartments amounted to around $25 million.

Datong brand manager Zac Mengliang Yu said the rooftop gym, sauna, spa and cinema, available to all purchasers and to be known as Utopia, had proved a huge attraction to would-be buyers.

“There is no need to worry about the view from any level as all residents will have access to the free rooftop terrace,” he said.

Prices climb in tandem with the level of apartment he said, with floors 12, 16 and 17 already sold out. The CBD location and price were key determinants in buyer interest said Mr Mengliang Yu.

Each floor has 14 apartments with the identical design and style replicated on every level. Car parking for 137 spaces is available, on levels one to four, for buyers of the two and three bedroom apartments and there will be a restaurant on the ground floor as well as a mini 24/7 supermarket.

A novel “dual key” option gives buyers the chance to buy two like for like, and adjoining, apartments under one title which allows the buyer to rent out one apartment or take advantage of the secure interconnecting door by converting the studio into a two-bedroom apartment, offering additional privacy between living and bedroom spaces.

A unique 3D display unit — to be available as an app from next week — was used by Datong display centre manager Sean Guo on Saturday to give buyers an idea of the view they can expect from each window on each floor in addition to offering a virtual walk-through inspection of their new pad.

Sales demographics had pivoted equally between investors and buyers intending to live in the properties said Tony Matthews, general manager at Connect Real Estate Urban Projects which is marketing the U2 development.

“I have not seen this level of interest or activity in a new development since pre GFC,” he said.

Potential buyers were looking from the eastern seaboard across to Adelaide, he said.

“You can buy three of these apartments for the price of a median property in Sydney. Adelaide is on the radar now as a place for buyers.”

Buyers to-date have been a mix of South Australians, interstate and overseas parties, he said.

Prices range from a one bedroom apartment from $298,000 through to a three bedroom option at $597,000.

Construction began last month and is expected to be completed by mid 2017.

[Ben]

Sorry GHS this one is under construction. ARIA has been completed and only has 60% sales. If you're a multi BIllion dollar property development company you don't need any level of sales to commence.