Purva city developer David Hoon says he has been given permission to build 1,300 new homes for the South East.
The development would be part of a $200 million redevelopment of the city centre.
Mr Hoon said the development would take about a year to complete.
“I have been told that the developers are now working with the state government to get permission to start construction,” he said.
The new houses would be affordable, he said, with an average price of $1,700 a home.
“We’re really excited about this project.
We’re really focused on this project and we’re very focused on what we can do with this development, what we want to do with it,” he added.
Mr Hoon and his partner are the founders of Purva, a private-equity company based in South Australia.
It was founded in 2013 with a partnership of former South Australia state Liberal Party MP Pauline Hanson, who was then state premier at the time.
Purva was formed after the collapse of the state’s banks, but was bought out by the Australian Property Brokers last year.
Mr Hanson said it was a great deal for the company.
In February this year, the NSW Government announced a $1.6 billion plan to revitalise the CBD of Sydney, and in 2018 a $2.1 billion redevelopment of Melbourne’s CBD.
There has been much speculation about whether the planned development will take a new direction, with the developer suggesting that the new homes would be a mix of high-rise, multi-storey and mid-rise.
However, Mr H. said the number of new houses that he is building would not be a major factor in deciding on the new direction for the city.
He said the new apartments would not cost more than the existing homes, but would be “well into the market”.
“We want to build the units that we can afford and that’s the way we look at it,” Mr Hoo said.