This article is from the Australian Property Journal archive
FLAGSHIP Property Holdings has started work on the $85 million apartment development, Penny Place, in the Adelaide CBD.
South Australian Minister for Planning Stephan Knoll was on hand to officially break ground on Penny Place.
The 152 apartments development has chalked up more than 50% in off the plan sales. The 24-storey, 78m high Penny Place development will also feature a ground floor lobby, resident lounge and kitchen, space for a retail outlet, and a public plaza, as well as car parking for residents and a bike store.
Flagship Property Holdings’ CEO Mark Jarman said: “We’ve been meticulous with every little design detail for Penny Place, so to finally reach the construction stage is a wonderful milestone that we’re all really excited about,”
“We’ve already received an enormous amount of interest from buyers and have sold more than half of the building already, which reinforces our confidence in the Adelaide apartment market that we think has huge upside for the future.” Jarman said.
Penny Place forms the second stage of Flagship’s masterplan the Angas St site, where it completed the Kodo, Adelaide’s tallest residential building at 103m metres, earlier this year.
